OppenheimerFunds Enhances NAV Oversight with Milestone Solution
NAV Oversight is part of Milestone Group’s Fund Oversight focused solution set within its pControl platform.
The Fund Oversight solution is part of Milestone's pControl platform that automates a number of fund processing activities for asset managers. OppenheimerFunds, which has about $232 billion under management, started using the pControl platform for NAV oversight in the middle of 2014 in order to validate net asset value calculations provided by their service providers.
Oversight Expansion
Robert Caporale, managing director and head of North America at Milestone Group, says it's important to keep in mind is that an asset manager doesn't give up on its fiduciary responsibility when it decides to outsource its accounting operations.
"Their reputation remains on the line, which is why OppenheimerFunds was looking to enhance the way it oversees its service providers. This way they can spend less time crunching numbers and more time making sure they are producing the right calculations. Our system does that all for them."
As a growing number of asset managers try to enhance their fund oversight levels in order to protect their business and reputation, Caporale also says Milestone is looking at expanding its product offering to respond to rising industry demands.
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