SOURCE: Thunderhead

March 29, 2007 13:09 ET

Fund Publishing Adopts Thunderhead to Automate Creation of Key Financial Documents

NEW YORK, NY -- (MARKET WIRE) -- March 29, 2007 --Thunderhead, the leading provider of enterprise communications technology, today announced that Fund Publishing, an integrated provider of publishing services for the mutual fund industry, is using the Thunderhead document generation platform to automate the production of regulated mutual fund compliance documents and key EDGAR filings, resulting in up to a 70% reduction in the time required to design and produce these documents.

Fund Publishing provides a financial report publishing service for providers of mutual funds, which are required by law to produce regular reports on their performance. Today, the process for producing these documents is very labor-intensive, resulting in high costs for creating content, updating financial performance information, designing layouts, printing documents and repurposing content. Thunderhead's ability to reuse content components and automatically assemble and update documents based on updated financial data can significantly improve compliance, reduce costs and speed development and delivery of final documentation.

"Technological advances in the financial publishing industry have lagged behind the recent wave of regulatory requirements," commented David Boyd, CEO of Fund Publishing. "By working with Thunderhead, we now have the ability to get ahead of the curve by automating labor-intensive activities, reducing costs and time-to-market. We estimate that the new system with the Thunderhead platform will reduce the cost of publishing reports by a factor of 30 to 40 percent."

The Fund Publishing solution can be used internally by mutual fund providers or can be accessed externally by third-party custodians. Fund Publishing's goal is to use Thunderhead as a key component for redefining the compliance document development process for all mutual fund companies.

The Thunderhead platform simplifies the process of document generation by giving control to the business user rather than the IT professionals, and has removed the need for third-party typesetters. Completely architected on open standards, Thunderhead is able to output to a number of channels, including Web, PDF, XML and print. The workflow features of Thunderhead enable Fund Publishing to record a full audit trail of document edits, ensuring compliance to regulatory requirements such as Sarbanes Oxley. Thunderhead's extensive use of XML content will also allow Fund Publishing to fully support Extensible Business Reporting Language (XBRL) for financial filings with the SEC's EDGAR system. XBRL is a standards-based XML format for defining and exchanging financial and business reporting information.

Mary Knox, Research Director at Gartner, Inc., commented, "Prospectus development for mutual funds has long been a highly manual and costly process. Improving the automation of prospectus design, editing, production and filing will enable significant cost reductions and improve compliance. Support for XBRL further streamlines the financial reporting process, allowing organizations to rapidly produce electronic filings, improving accuracy and accelerating the submission of critical financial information."

"Thunderhead has established itself as the industry standard in document generation for the derivatives market, by providing a flexible, easy-to-use and effective platform," said Glen Manchester, CEO of Thunderhead. "This new solution extends the benefits of Thunderhead to a similar, regulatory-driven and time-sensitive market, freeing mutual fund providers from the manual document generation backlog."

About Thunderhead

Thunderhead is the leading provider of enterprise solutions for the creation and management of multi-channel business communications.

The Thunderhead platform allows business users to manage the production of both personalised and transaction-driven communications which may be delivered by any number of media channels, including print, fax, web, email, SMS and industry-specific XML schemas.

Thunderhead's unique combination of user-centric design; an open standards-based core; and broad, enterprise capabilities has enabled it to quickly become the market leader. Thunderhead numbers many of the world's leading financial services organizations as its customers and services its rapidly expanding customer base from offices in North America, Europe and Asia Pacific.

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About Fund Publishing Company

Fund Publishing has long been an innovator in the use of technology to reduce the tedious manual effort associated with the preparation of compliance documents for the regulated mutual fund industry.

With the Thunderhead platform, FPC is able to provide an Internet-based, highly automated, collaborative facility for the preparation of compliance documents. The ability to support multiple output formats concurrently -- including print-ready PDF, EDGAR filing, website updates, and more -- without reprocessing or making manual changes to the document files, provides significant savings in time and dollars.

Clients will see immediate benefits in the reduced load on their critical personnel resources, timeliness of document preparation, and uniformity in branding of documents, all within an automated, integrated, and audit-controlled process.

Contact Information

  • Media Contact:
    Meir Kahtan
    Meir Kahtan Public Relations
    Phone: 212-699-6065
    Email: Email Contact