SOURCE: Bonaire Software Solutions

Bonaire Software Solutions

January 11, 2011 16:37 ET

Bonaire Software Solutions Releases Solutions to Address FSA Retail Distribution Review (RDR) and Proposed SEC 12b-1 Fee Changes

BOSTON, MA--(Marketwire - January 11, 2011) - Bonaire Software Solutions, LLC, a leading provider of financial services software solutions to asset managers worldwide, announced the release of its reporting and functionality features to handle the SEC's proposed revisions to 12b-1fees in the US and Retail Distribution Review (RDR) in the UK. The new functionality is available solely to Bonaire's globally based clients who are using the REVPORT 8.5™ Revenue Management and Fee Billing software suite.

The Financial Services Authority (FSA), the financial regulator in the UK, on Nov. 17, 2010, published proposals requiring platform services to fully meet the requirements of the RDR (Retail Distribution Review) starting January 2013. The RDR changes propose that both the client and the adviser will decide the cost of advice -- not the adviser and product provider as has been the case. Additionally, it stipulates the customer be made aware of the costs associated with advice or product whereas in the past the information could only be viewed on request. In January 2013, the platform services used by adviser and customers must support a market where free advice and commission bias no longer exists.

These requirements are similar to the January 21, 2010 SEC proposed changes that would replace the existing rules governing mutual fund distribution and marketing fees, including the commonly known 12b-1 fees. In each country, the new regulations require new fee billing functionality to comply. Bonaire's REVPORT™ software suite is the first revenue management solution to be able to accommodate the new regulations.

"With the increasing oversight and mandates of global regulators, our clients expect Bonaire to stay ahead of the curve and be responsive to their needs and, as an industry leader that is exactly what we seek to achieve. Having worked with a number of our European customers to ensure that REVPORT is ready to meet the needs arising from the Retail Distribution Review, we can now announce new, exclusive functionality and regulatory reporting that complies with the pending changes in commissions and investor fee disclosure," said John Bosley, COO of Bonaire.

About Bonaire Software Solutions, LLC

Bonaire is focused on providing software and services solutions to the asset management industry. Clients include industry leading institutional and segregated account investment managers, mutual funds, wealth managers, broker/dealers, RIAs, banks/trusts, fund administrators and retirement services providers.

Revenue Management Software Products include:

  • REVPORT™ -- Revenue Management platform
  • PAYPORT -- Accounts Receivables & Collections
  • Payment Matching
  • EMPOWER BI -- Management Information and Reporting

Based in Boston and London Bonaire was founded in 1999. Bonaire's software products are available for installation at the client site as well as a SaaS, fully managed hosted option. For more information about Bonaire Software Solutions, please visit www.bonairesoft.com

Contact Information

  • Media Contacts:

    UK
    Bonaire Software Solutions
    Gary Liley
    +44 (0) 207 763 6102
    Email Contact

    US
    Bonaire Software Solutions
    Scott Fitzpatrick
    001 617 338 0107 x116
    Email Contact