Ensuring delivery of KIIDs for a large mutual fund Transfer Agency

What was the issue?

In 2012, new regulations came into effect that required asset management firms to provide a Key Investor Information Document (KIID) to investors prior to them investing in UCITS Funds. Asset management firms could have a large number of funds and share classes, and thus, a large number of KIIDs to manage.

Our client needed a solution to ensure that the Key Investor Information Documents were made available to investors before they could invest in their funds.

What solution was provided?

We created a web portal for asset managers using our client as their Transfer Agent to store their clients' KIIDs for easy access. The portal was multi-tenanted, meaning it could be used by multiple asset managers. The portal was linked to providers creating the KIID documents to ensure it always held the most up-to-date version. Our client’s call centre staff were granted access to the portal so that they could send KIIDs to investors via email or print if they had not already seen them. The portal also provided an audit trail of all KIID requests, in case any future reference was needed.

What was the outcome?

This solution ensured that investors who had not seen the relevant KIID document would receive a copy, making it easier for them to invest in the asset manager's funds. The web portal was easy to use, allowing for quick selection and request of KIIDs. Paragon was responsible for fulfilling both print and email requests and ensuring the latest documents were always stored. The system also provided a clear audit trail, ensuring transparency and accountability.