MIMICS Mutual Fund System Overview
The MIMICS Mutual Fund System handles all of the basic requirements for trading and tracking mutual fund holdings. It handles both the customer side - the registrar, transfer agent, and paying agent functionality - as well as the portfolio side that manages the portfolio of securities that define the fund. These two products can work independently. They both need not be licensed at the same time. Functionality also exists that addresses more complex applications such as automatic sweeps and asset allocation through portfolio modeling.
An embedded General Ledger System provides all financial reporting for the fund. Accounting is entirely flexible and can handle any kind of accounting transaction. Net Asset Values are calculated in the fund portfolio, and is seamlessly integrated with the customer side. The customer side provides all features of registrar, paying agent, and transfer agent. Extensive detailed information can be maintained for customers. Payments can be handled as a group, in several groups, or specifically for individual clients. For example, you may pay most payments by ACH, while also maintaining a group for reinvestments, with the exception of three customers who are always paid by check. You can manage any number of funds on the same system.
Fund Security Portfolio
The system manages income from dividends, principal, and interest. Recurring and other expenses are maintained. All revenues and expenses are posted to the embedded general ledger system. The system provides performance reporting and cash flow projections. This data can be printed on reports, viewed on the screen, or viewed or printed as charts. See MIMICS Portfolio Management System.
A trial balance can be printed at any time since all of the accounting is done in real time. Based on your schedule (or ad hoc), a Net Asset Value and NAV per share can be calculated.
Registrar, Paying Agent, Transfer Agent
The MIMICS Mutual Fund System also manages the customer side of the fund. The system provides all features necessary for the registrar, paying agent, and transfer agent. The system verifies the fund requirements when the customer information is entered. For example, the system can verify nationality and net worth requirements. Transfers can be made between individual or multiple holders. Settlement dates can be set in the future. Shares can be restricted according to parameters set by the user. Payment can be made by check, direct deposit, reinvestment, or wire advice. Statements, acknowledgements, confirmations and any other form desired are printed for holders. Of course, the system supports IRS and other tax reporting, including those 1099-Rs and 5498s. At the end of year, the system prepares your IRS reporting in required format for magnetic media reporting.
Cash Management Strategies include Mutual Funds as a vehicle for getting cash off the books, enhancing income on over-nights, and other short term investments. With daily dividend funds and money market mutuals offered by most funds managers, the opportunities for cash management have grown considerably. The vehicles may be used for proprietary investments or for your commercial and governmental depositors. This allows you to compete with investment alternatives courting your valuable customer base. More than just competing for your own customers, it offers a new source of fee-based income. Whether you earn points from dividends, charge transaction fees, have a flat fee, base fees on portfolio holdings, or report to an account analysis system, MIMICS can handle it for you. The sweep feature can accept balances from your DDA system, sweep the investable amounts based on a target balance, return the principal, and income the next morning after shaving your income from dividends automatically.
This feature is applicable any time a number of funds are used with an investment strategy already established. The asset allocation system does the investment distribution for you. The concept is so simple, but the handling is so time consuming if done manually. MIMICS has automated the process for you. The MIMICS Mutual Funds System allows you and your customer to decide the distribution of investment dollars, based on whatever criteria you supply. The system will invest all contributions automatically, based on the model portfolio you develop. When it is time to re-allocate, due to any circumstance, the system will automatically make the appropriate redemptions and investments.
The power and functionality of the MIMICS Mutual Funds System adds a new dimension to mutual funds investing. If you think your portfolio of funds is too small to justify a full-featured system, this is the system you should invest in.
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