STP in the Managed Funds Industry

STP in the Managed Funds Industry

1 AU Investment Funds Market Why is MFundEC needed? Transactions: Client Market 2 Investors 2.1 2.2 2.3 2.4 2.5 Initial Application (Account Opening) Investor Account Modification Financial Transactions Cancellations Distributions Master Trust / WRAP Reports: Transactions: 1.1 Application 1.2 Deposit/Redemption 2.6 Confirmations 2.7 Holding Statements 2.8 Transaction History 2.9 Commission Accounting 2.10 Fund Valuation 2.11 Tax Statements 2.12 Agent Registration & Modification 1 Dealer Group 4.1 Prospectus 4 4.2 Admin Agreement Transactions: Reports: 4.3 Wholesale Deposit/ Redemption 4.4 Distribution 4.5 Current Position 4.6 Unit Price Information Transactions: Distributors Dealer Distribution Contracts: 3 Financial Planner 3.1 3.2 3.3 3.4 3.5 3.6 Initial Application (Account Opening) Investor Account Modification Financial Transactions Distributions Cancellations Agent Regisration & Modification Reports: 3.7 Unit Price Information 3.8 Confirmations 3.9 Holding Statements 3.10 Transaction History

3.11 Commission Accounting 3.12 Fund Valuation 3.13 Tax Statements 3.14 Sales/Market reports Agencies Life Agencies Managed Fund Provider Reports: * Fund performance * Rates of return * Unit prices Registries 6.1 Initial Application 6.2 Deposit Redemption 6.3 Distribution 6 Reports: 6.4 Current Positions 6.5 Unit Price Information Referral Organisations 5 7.1 Deposit/ Redemption 7.2 Confirmations 7.3 Distribution 7.4 Transfers 7.5 Cash Accounting 7.6 Tax Reporting 7.7 Settlement Reports: 7.8 Reconciliation 7.9 Current Position 7.10 Unit Price Information Regulators 8 Reports: Transactions: 5.1 5.2 5.3 5.4 Initial Application (Account Opening) Cancellations Depost/Redemption Distribution Margin Lender 8.1 Investor Tax Statement 8.2 Prudential Report Reports: 5.4 Confirmations 5.5 Holding Statements 5.6 Transaction History 5.7 Commission Accounting 5.8 Fund Valuation 5.9 Tax Statements 5.10 Sales/Market reports 2 Payments Note: 1. Margin Lenders interact with Master Trusts and Wraps Custodian 7 Asset Manager Transactions: Transactions: BECS, BPAY, CHEQUE RTGS

Why is MFundEC needed? Potential Savings Estimates through STP Product Type Net Income Cost/ Costs MER ($M) Income ($M) Retail Managed Funds 236,058 0.60% 1,416 65% 921 Wholesale Managed Funds 129,920 0.30% 390 45% 175 3,960 1.15% 46 70% 32 Master Trust Operators 138,391 0.80% 1,107 70% 775 Custodian Services (30%) 362,100 0.04% 145 75% 109 Margin Lending (40%) Total Savings for each 10% 3 Assets ($M) 870,429 3,104 2,012 201 Coverage of Standards 4 The standards that describe the information flows consist of: Use Case model that describes the business requirements Message data and content described down to field level Business rules of message usage Associated payments and reconciliation is described

Workflow and work practice guidelines Data Dictionary documents field definitions. XML Schema describes the Data Model XML Examples SWIMEC - Who is involved? 5 Accenture Australia Advance FM Allens Arthur Robinson AM Corporation AMP ANZ APIR Systems Asgard ASX AUSMAQ Australian Portfolio Managers Australian Skandia Australian Unity FM Avanteos Pty Ltd AXA Australia/IPAC Barclays Global Investors BOSS Software Brennan & Partners bREX Bridges CBA/CommSec Centrestone Clayton UTZ Citigroup/Citibank BNP Paribas Colonial First State Count Wealth Accountants

Credit Suisse AM DST International Deutsche Asset Mgmt. DSTC E*Trade Financial Planning Association Garrisons Corporate Services HSBC InfoComp ING Insurance Australia Group Invesco Investment Link InvestorWeb JB Were IM JP Morgan KAZ KPMG National Custodian Services Norwich Union Macquarie Bank Merrill Lynch IM MLC Morningstar NAB/MLC Norwich Navigator NRMA NT Solutions Orion Fund Services Permanenet Trustee Perpetual Investments Phillips Fox Platinum PwC Royal Bank Canada Royal SUN SafetyNet Consulting SealCorp SIENNA Technologies Software AG Spectra State Super Financial Services State Street St. George SWIFT Tom Collins Consultancy Tower Australia Tyndall Superannuation UBS Wealthpoint Limited webMethods Australia Westpac/Sagitta/BT Zurich 90East

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