FA Fund Management 1.14 - Release notes
Released: December 2023
FA Fund Management 1.14 presents a transition to a new technology with NAV status and Shareholder registry views, with a few improvements this technology allowed us to make. The new version offers several other smaller improvements.
Improved NAV status view and NAV view
Why?
We identified a need for more extensive filtering, sorting, and grouping in tables. With the current underlying technology, the implementation of these features would take a lot of time and effort.
To provide these features, we decided to implement them based on a single user interface framework. With the new interface framework, implementing these capabilities requires less time and effort and provides more flexibility.
The new framework is going to be applied throughout the application.
Who is this for?
This feature is for all users who use FA Fund Management for NAV calculation.
Details
We renewed NAV status and NAV views with extensive filtering possibilities and added some minor improvements. NAV status view shows information about funds and share classes. NAV view shows the NAV calculation details, as well as fund portfolio content.
You can now filter the information with different operators, such as "contains", "starts with" or "is empty". For example, when searching for securities in the fund portfolio, you can find the ones that have market prices before a certain date.
You can combine multiple filters using AND or OR logic – for example, searching for all securities in the fund portfolio that have equity type and are traded in euros.
Here are some highlights of specific views:
In the NAV view’s side pane of the NAV summary tab, we added functionality to copy the formulas used to do the fee calculation to the clipboard.
In the Portfolio tab of the NAV view, we added several columns. Most of them are hidden by default but you can add them if needed:
Currency
Security code
Issuer
Security subtype
Country
Marketplace
Trade code
Settlement place
Portfolio ID.
In the Portfolio tab of the NAV view, you can benefit from combining filtering possibilities and aggregation functions available within columns in the NAV view. The aggregation is shown below the table. The aggregate options for number columns are:
sum
average
min
max
size (meaning quantity).
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Learn more: View fund information and NAV calculation details in FA Fund management.
Improved Shareholder registry and performance improvement
Why?
Similar to the NAV status and NAV views, the Shareholder view needed more filtering, searching and sorting functions – they are implemented with the new user interface framework.
At the same time, there was a need to improve performance. Particularly, fetching the purchase lot data took considerable time and slowed down the loading of the view. As the users aren't always interested in viewing purchase lots information, we made it optional so the purchase lots aren't loaded by default.
Who is this for?
This feature is for fund companies that manage funds.
Details
The Shareholder registry view now features similar table filtering and sorting functionality as the NAV status view mentioned above. The new options are also available for the new columns: Market value and Purchase value.
With the new separate Share class column and the new filtering options, you can for example search for shareholders of a certain share class.
There are now two export possibilities within the Shareholder registry. The former Shareholders report can be downloaded with the Export button. Download as XLSX provides the possibility to export the view you set up in XLSX format.
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Learn more: View fund shareholders.
Warning if the FX rate change exceeds the defined threshold
Why?
Sometimes it is important to know if the exchange rate between the fund (portfolio) and any cash account or security currency has changed a lot.
Who is this for?
This feature is for fund companies that manage funds that have cash accounts and securities in portfolios that differ from the fund's currency.
Details
We added a new warning if the FX rate changes more than 5 % (this threshold is default and can be changed in the decision table). You can define separate FX rate change thresholds for securities and cash accounts. The check is performed within the NAV calculation.
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Learn more: NAV calculation warnings.
Fee account in fund portfolio or share class currency
Why?
Some funds accrue fees in the share class currency and then they capitalize the fee in fund portfolio currency. Before it was only possible to create a fee account in fund portfolio currency.
Who is this for?
For fund companies whose funds accrue fees in the share class currency.
Details
When adding a fee formula for a fund, you can choose to accrue it in fund or share class currency.
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Learn more: Add share classes.
Identifying dividend-paying funds
Why?
To prevent mistakes, we implemented a restriction on adding the dividends. Now, you can add a dividend only for a dividend-paying share class – so it's not possible to add a dividend for a wrong share class by mistake.
Who is this for?
This feature is for fund companies whose funds are paying dividends.
Details
Now you can add and execute dividends only for dividend-paying share classes.
If your fund pays out dividends, you need to mark it in the share class settings. Open the Share class wizard, Pricing tab and choose the Enable dividend payments option. After this, you can add the dividend for a share class in the Dividends view.
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Learn more: Add share classes.
Improvement in income distribution settings
Why?
We improved usability in handling the income distribution settings,
Who is this for?
This feature is for fund companies that use income distribution.
Details
We rolled back to the former solution where fund payment was divided into different parts since it filled up requirements more extensively. We also made several small improvements to make the structure of the settings more usable:
The Swing pricing tab is moved under the Fee structure tab in Fund wizard.
Breakdown of cash field is now at the bottom of the Order execution tab.
If swing pricing is applied, in Order execution tab (Breakdown of cash section) the Swing tax type field is visible, otherwise Transaction fees tax type field is visible.
After NAV acceptance, on generated transaction internal info field user can see overUnderValue, parValue, accruedIncome and swing values. Also transaction has correct Par value cost type, Income distribution tax type, Over/ under value cost type and Swing / Transaction fees tax type fee types.
We renamed Breakdown of cash to Breakdown of cash transactions
Learn more: Create a fund.
New field for inception date
Why?
The former solution didn’t support the case where the fund inception date didn't follow the NAV schedule.
Who is this for?
This feature is for all fund companies but it needs to be used only if the inception date doesn’t follow the set NAV schedule.
Details
You have to specify the fund inception date separately if it doesn't fit the NAV schedule – for example, if the inception date is Monday but according to the NAV schedule, NAV is calculated on Wednesdays.
You can add the inception date in the Fund details in Fund wizard. The date can be saved just to have that information available regardless of the NAV schedule.
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Learn more: Create a fund.
Other improvements
We finalized the dividend payment process in Fund Management by automating the dividend outflow from the fund with transaction type FMDWD. Earlier you had to go to FA Back to create the dividend transactions.
Default tax configurations have security country as a mandatory field even though it's not mandatory for a security. When we add tax configurations as a part of the dividend run, securities are assumed to have the country information. Now new share classes automatically get the fund’s country as their country (since for portfolios it is mandatory information).
We added a checkbox Update allocations for all securities that get price from share classes in the fund's Advanced settings. To learn more, see Create a fund.
Fixes
NAV status
NAV acceptance isn’t disturbed anymore when there aren’t any posting rules for postings.
Information about ongoing NAV acceptance and rollback is now in chronological order in the Acceptance in progress and Rollback in progress windows.
The status, Next NAV date and Latest NAV are now updated after NAV calculation.
We reduced unnecessary NAV data fetching when the user interface isn’t in use.
NAV view
Warnings had unnecessary many decimals mentioned. The decimals are now rounded according to share class or security type decimals.
Fund wizard
The fund reporting schedule was saved incorrectly.
Fund reporting
Fixed an issue when the fund reporting schedule was saved incorrectly and fund reporting calculations didn't work.
Income distribution
We fixed the incorrect logic for fetching the reported and the ready postings if there was also a posting rule restriction used.
Technical fixes
Fixed an issue that sometimes caused a deadlock situation where two or more processes were unable to proceed, preventing the application startup.
Updates to FA Fund management 1.14
FA Fund management 1.14.1 - Release notes
FA Fund management 1.14.1 is an update to FA Fund management 1.14. This update includes the following fixes:
Accrued interest on an account is included in the NAV calculation.
When you preview NAV for a fund, the Share classes tab which shows details on the share class NAV now opens without the view crashing.
FA Fund management 1.14.2 - Release notes
FA Fund management 1.14.2 is an update to FA Fund management 1.14. This update includes the following fixes:
Shareholders GraphQL API is now backward-compatible with adding "yes" as the default value for the loadPurchaseLot parameter.
When you preview NAV for a fund, the Warnings tab now opens also when the fund name has special characters.
You can now use rollback when NAV acceptance has failed.