Silver Management Group, a US-based provider of investment services and wealth management technology solutions, has entered into a strategic partnership with Interactive Data Corporation to deliver fully automated, end-to-end cost basis reporting solutions to clients.
The cost basis solutions are offered based on Interactive Data’s comprehensive global security reference data services and Silver’s Portfolio Accounting Service (PAS).
Under the partnership, Silver and Interactive Data have worked together to seamlessly integrate Silver’s PAS for fixed income (PAS-FI) software with Interactive Data’s reference data.
Silver said that PAS-FI will use fixed income reference data together with account activity and client elections to maintain regulatory accruals and basis adjustments.
It also provides a low-maintenance approach for fixed income reporting compliance by combining account transfer and tax reporting systems.
Silver has already partnered with Interactive Data to provide an ultra scalable enterprise fixed income reporting solution for a global financial institution providing clearing and custody services for retail brokerage, investment advisory, and hedge fund clients.
Neal Ruskin, managing partner and head of product development at Silver, said: "Combining Interactive Data’s high-quality reference data with our regulatory fixed income engine yields a true cost basis debt reporting solution for consistent and accurate 1099-OID, 1099-INT, and 1099-B information returns."