Self-managed super fund (SMSF) administrator BGL has partnered with fund managers Aberdeen and Schroders to automate the collection of contract notes for purchases of managed funds.
According to BGL, the Contract Note Service, which launched in July 2012, automatically loads buy and sell data and PDF contract notes for over 50 brokers into the company's Simple Fund SMSF administration software.
Aberdeen and Schroders will be the first of 31 fund managers to be added to the Contract Note Service, enabling automatic data flow into Simple Fund for those SMSFs investing in managed funds.
Ron Lesh, managing director for BGL, said that increased efficiency and more timely reporting would be a significant outcome of the improved service.
"The addition of managed funds to the BGL Contract Note Service will make it much easier for our clients to process managed fund transactions," he said.
"There is no doubt this will improve efficiency and provide more timely reporting of SMSF investments.
"Currently clients can wait weeks or months for new managed fund purchases to be included in investment reports — now this will happen every day."
Chris Durack, head of product and distribution for Schroders, said that the partnership would be a win-win for clients.
"The automated provision of contract notes for transactions into managed funds is a win-win for our clients investing in our funds via SMSFs and for the service providers supporting administration of these SMSFs," he said.
"We are pleased to be working with BGL to deliver this service to our clients in this important segment of the industry."
