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Innovest platform used to administer USD1.2bn in investment funds

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Innovest Systems, a financial technology firm specialising in trust accounting and wealth management solutions, says its clients are now processing valuations for over 370 common trust funds and pooled income funds with a USD1.2bn market value using its fund administration solution.

InnoTrust, a trust accounting and wealth management platform, enables financial institutions and not-for-profit firms to perform daily valuations which facilitate entry and exit from funds on demand.

InnoTrust’s valuation functionality allows for cash and accrual basis, including daily fee accruals, as well as trade date or settlement date valuation and income distribution.

Scott Pearson (pictured), Denver-based MG Trust’s president, says: "Using Innovest’s functionality to provide fund administration and daily valuation to our customers enables us to provide them with a powerful competitive advantage. Our customers are seeking to offer flexible solutions that allow their clients to make timely investment decisions. The efficiency of Innovest’s platform allows MG Trust to scale its fund administration business while staying focused on providing a high-quality solution."

"We are pleased to be working with MG Trust and other leading financial and not-for-profit firms that are leveraging our fund administration functionality," says William Thomas, Innovest Systems’ chief executive officer. "Our clients have used collective investment, common trust, and other pooled investment funds as flexible alternatives to SEC-registered funds. InnoTrust’s fund administration capabilities automate much of the administration process, including the striking of net asset values, increasing the efficiency of these investments.”

MG Trust is a wholly owned subsidiary of Matrix Financial Solutions. It provides custodial, trust and/or cash agent services for approximately 28,000 plan accounts and more than USD28bn in assets.

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