Link Fund Solutions (LFS) has chosen Milestone Group’s (Milestone’s) pControl Oversight platform to independently verify net asset values (NAVs) delivered by fund administrators and mitigate several risks.
The rollout of the new system will begin in the UK before expanding to Ireland and Luxembourg over the course of 2023.
pControl Oversight prevents investors and the wider market from the effects of operational failures throughout the value chain. Milestone’s solution will provide stronger data for reporting and be more time efficient than LFS’ current oversight systems, it says.
The adoption comes in response to requirements for the increased operational resilience of financial services businesses. The Bank of England consultation paper, Operational Resilience of FMIs, has set a 2025 deadline for new criteria to be met.
Gordon Thomson, head of operational oversight at LFS, says: “Milestone provides the ability to validate all the net asset value calculations, coordinating all our data into a single view. Being able to create our own shadow NAV enhances our operational resiliency, supporting the needs of our investors and the market.”
Geoff Hodge, president of Milestone, comments: “We are delighted to be working with LFS in this important area as we see management companies becoming more sophisticated in the oversight of investment companies as their responsibilities become increasingly complex and time-consuming in satisfying regulatory and market expectations across jurisdictions.”
