Core Back Office Accounting Services
The AMC will just have to initiate transactions by inputting the data in the AMC module of Back Office Accounting Software provided by ITMinds. The execution of that transaction, from confirmation with broker to transmitting instructions to trustee, will be performed by ITMinds
- Trade confirmation from broker and transmitting the instructions to trustee
- Accruals of money market transactions and portfolio reconciliation
- Arrangement of brokerage payment
- Managing margin requirements
Unit Management and Registrar:
The investors submit the form to Investor Account Services department of AMC which is forwarded to ITMinds which processes on behalf of the AMC. Corporate action also includes printing of dividend letters, warrants and dispatching the same to investors
- Investor account maintenance and issuance of account statement
- Investor CNIC verification through NADRA Verisys
- Processing of Sale / Redemption / Conversion / Transfer etc
- Corporate Action and Zakat handling
- Calculation and deduction of capital gain /withholding tax
- Arrangement for commission distribution
- Ensuring money realization of sale of units
- Physical certificate and physical unit handling
- Transmission of settlement instructions to AMC
Accounting and Reporting:
Accounting is the heart of back office operations which is performed by ITMinds. We calculate and announce NAV for the clients before the SECP’s cut off time. ITMinds prepares account statements for the mutual funds and also provides regulatory reporting.
- Maintenance of financial records and preparation of financial statements
- Arrangement for MIS report for AMC and periodic returns for statutory authorities like SECP fee, trustee fee
- NAV Calculation and announcement
- Coordination and facilitation for audit
- Accrual and timely payment of fee, charges, duties and taxes
- Arrangement/reporting to MUFAP Provision of any other reports required by AMC or SECP
We also facilitate the internal and external auditors of our clients to by providing all the data required and facilitating them in our premises.
Accounting and reporting services for High Net Worth Individual and Separately Managed Accounts Clients:
The scope of services provided to our clients for HNWI’s and SMA’s are as follows:
- Reporting of equity, fixed income securities and government security transactions
- Preparation of bank reconciliation reports
- Reporting and calculation of net worth/assets
- Security reconciliation reports of FIS and equity securities.
- Appropriate reporting of income accruals based on coupons and yields of different securities
- Accounting of executed transactions.
- Provision of predefined reports would be on monthly basis
- Co-ordination with custodian for attaining clients’ bank related activities
- Preparation of annual statements and other performance reporting activities
- Reporting of SMA clients’ cash inflows and outflows
Following are the reports which will be provided by ITMinds Limited.
- Net Worth/Net Asset Report
- Bank reconciliation report
- Equity and fixed income realized gain / loss detail report
- Equity portfolio valuation and threshold report
- Portfolio valuation and threshold report (TFC / SUKUK / PIB / TBill / GoP Ijara, NSC)
- Money market portfolio detail report (placements)
- Opening and ending Net Asset Value of each month including “Percentage change in NAV” from the previous month
Apart from the above, we can also provide accounting and reporting services for the following:
- Small and Medium Size Enterprises
- Retirement benefit schemes
- Real Estate Management Trust
Value Added Services
Information Security and Data Integrity:
Information Security is one of the key drivers of ITMinds’s business model to ensure provision of reliable and smooth services to our clients. We have established Information Security Management System (ISMS) through which threats and vulnerabilities are monitored which are addressed timely to mitigate risks.
We are certified against globally accepted ISO/IEC 27001:2013 standard, demonstrating our commitment and focus to safeguard the information which are critical to the functioning of our clients. Moreover, we ensure that our clients’ data is kept confidential and is in line with internationally recognized best practices of the information age. We achieve data resilience via replication in different geographically dispersed data centers to avoid single point of failure. The arrangement ensures high availability, business continuity and disaster recovery at a zero data loss.
Security is embedded into all functions of the Asset Management Companies provided by ITMinds which include Finance, Settlement and Unit Management including Registrar Function.
Business Continuity Program:
ITMinds holds a unique privilege to be among very few organizations across the globe and the very first organization in Pakistan along with its parent company CDC to achieve BCP BS 25999 certification for its Business Continuity Program.
We have a fully functional Business Continuity Management Committee which reviews and upgrades the policies and takes necessary actions when required. Business Continuity Management is designed to bridge potential gaps between people, locations and technology by focusing on the functionality between them in situations that can threaten business operations.
ITMinds along with CDC is engaged with SGS, a renowned accreditation body since 2012 which audits the Business continuity management of CDC group on an annual basis to evaluate the effectiveness of the implementation of its BCM system and conformance to the standard BS25999 for all its strategic business units.
We have also launched a web portal to facilitate our clients. This Web Portal for investors gives our clients a competitive edge over other competitors.
The features of web portal are:
- Viewing of user profile
- Viewing of investment balance
- Viewing of transaction history
- Redemption and conversion Lodging