Billing Enhancements

Billing Enhancements

This enhancement is designed to provide data to and receive data back from the Envestnet Redi2 billing system. It consists of two modifications:

• A change to the sold interest algorithm
• A change to the AISMSPHLDS extract

Overview

Because some funds can be managed and billed by an external manager, APL needs to provide sleeve-level asset value, inclusive of accrued income but exclusive of these funds.

To address this, the existing APL position extract AISMSPHLDS has been modified to include accrued interest. With this approach, customers can properly configure Redi2 with the necessary auditing capabilities to exclude the value of these proprietary funds from billing.

Since the AISMSPHLDS extract also needs to capture sold interest, the generic sold interest algorithm has been modified to run across multiple accounts at a single time so that this extract can continue to be produced in a timely manner.

Change to the Sold Interest Algorithm

The generic sold interest algorithm has been modified to calculate sold interest across a set of accounts. In order to facilitate this, the right argument to this algorithm will be modified to accept a fifth element. This fifth element will be a Boolean with a default of 0 (False). This will allow for consistent behavior from this module. When the fifth element is 1 (True) then this module will return the account index (D1) as either the third column, when not working on UMA accounts, or the fourth column when working on UMA accounts.

Change to the AISMSPHLDS Extract

The AISMSPHLDS utility creates a pipe-delimited output file named MSPHLDS.PIPE (if run for UMA accounts), or SMAHLDS.PIPE (if run for non-UMA accounts). Both files have the same output. The output consists of a single header record followed by data records.

This enhancement makes the following changes to the output file:

1. Added a new field “Accrued Income” between the Sleeve Code and Security Description fields. This field contains the accrual associated with the given security for the given sleeve. If an accrual is due on a completely liquidated position then a new record will be added to the output file. All fields will be populated but the Units, Cost Basis and Market Value fields will contain a value of 0.
2. Modified the source of the Symbol column. The TICK field in EDPORT is for quick reference only and may not correctly correspond to the TICK field in EDSEC. Therefore, this field will use the TICK field from EDSEC rather than EDPORT.