The firm has moved to a hosted central data repository from GoldenSource to help it comply with a rising tide of regulatory reporting.
Jackson National Asset Management (JNAM) has successfully migrated to a hosted data management platform from vendor GoldenSource that JNAM hopes will help it meet a rising tide of regulatory requirements such as the looming Form N-PORT and N-CEN filings with the SEC.
Officials at JNAM, a wholly owned subsidiary of Jackson National Life Insurance Co., say they are using the GoldenSource enterprise data management (EDM) platform to bolster data quality and capacity and to facilitate automation.
The GoldenSource platform will provide a golden copy of data “from multiple suppliers to ensure availability of the right data for JNAM’s data needs,” vendor officials say. “Moving to this approach from a single incumbent data supplier has significantly expanded the scope and quality of data available to JNAM.”
The GoldenSource deployment is replacing a proprietary application, Daniel Koors, chief operating officer (COO) for JNAM, tells FTF News. Although Koors declines to name them, other vendors were considered for this project. “A robust due diligence process was deployed across several industry leading vendors,” he says.
“The implementation is complete and was deployed into production in May 2018. There are four primary users of the application,” Koors adds.
JNAM officials “recognized the need for a central data repository to support the firm in numerous aspects,” Koors says in a prepared statement. “GoldenSource was able to make our integration of several different data suppliers possible and the implementation was achieved with minimal IT involvement from our side.”
The multiple links to data will help with complex SEC reporting forms.
In fact, Form N-PORT refers to a “portfolio reporting form … to be used by registered funds other than money market funds and small business investment companies to report series level data to the SEC on a monthly basis within 30 days of month end,” according to the SEC.
“Form N-PORT requires reporting of a fund’s complete portfolio holdings on a position-by-position basis. Funds must report portfolio information on the same basis used to calculate their NAV (i.e., generally as of trade date plus one day (T+1 accounting), as opposed to as of the trade date (T+0 accounting), which is required for financial reporting purposes. The form also requires additional portfolio level information that will facilitate risk analyses and other SEC oversight.”
The SEC has specified that for Form N-PORT, “the compliance date for larger entities — namely, funds that … have net assets of $1 billion or more as of the end of the most recent fiscal year of the fund — June 1, 2018 … will be required to submit their first reports on EDGAR by April 30, 2019.”
Representing another major reporting requirement Form N-CEN is “a new annual reporting form … to be used by registered funds to annually report certain census-type information to the SEC,” according to the SEC. Form N-CEN replaces Form N-SAR. “Funds will report at the registrant level, with responses to certain portions of the form submitted separately for each series. Reports are required to be filed annually within 75 days of the end of the fund’s fiscal year, rather than semi-annually as is currently required by Form N-SAR for most funds,” according to the SEC.
The compliance date for Form N-CEN is June 1, 2018, SEC officials say. “Form N-SAR will be rescinded concurrently, together with related rules referencing Form N-SAR. The Commission will permit funds to file test submissions on a voluntary basis during a trial period,” according to the SEC.
An SEC-registered investment adviser, JNAM provides investment advisory, fund accounting and administration services for several funds and separate accounts that support Jackson’s variable products and employee 401(k) retirement plan, officials say.
JNAM is also a commodity pool operator registered with the U.S. Commodity Futures Trading Commission (CFTC) and is a member firm of the National Futures Association (NFA).
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