Investments

ProService Finteco has long-term experience in provision of top quality financial services rendered to customers. The offer of PS Finteco has been designed in a transparent way based on operating modules out of which customers may freely select services they are interested in. A broad range of services has been an outcome of our in-depth knowledge of the market and analysis of needs to meet expectations of our business partners

For nearly 20 years ProService Finteco has been providing comprehensive services of a transfer agent for funds domiciled in Poland and abroad regard to:

  • Fund register maintenance
  • records of actions in the Register of Participants:
    • execution financial and non-financial orders from funds’ Participants
    • calculation of handling fees
    • calculation of kick-backs
    • calculation of a tax amount on profit generated from participation in equity funds pursuant to the Act on Personal Income Tax
    • updates of the value of funds accumulated in the Registers of Participants on an ongoing basis,
  • maintenance of records with data on distribution networks,
  • dispatch of transaction confirmations to Participants,
  • provision of information on participation in a Fund over the phone to Investors, Participants, distributors and dealers,
  • explanation of defective orders or instructions or other discrepancies concerning financial and non-financial orders placed by Participants,
  • control and records of data in compliance with the Act on Counteracting Money Laundering and Terrorism Financing of 16 November 2000 (consolidated text: Journal of Laws of 2010, No. 46, item 276, as amended)
  • explanation provided to written queries or complaints by Participants, distributors and dealers concerning participation in a Fund.

ProService Finteco offers its assistance in administrative support provided to Closed-End Investment Funds. Key departments of ProService AT are able to provide support to a fund with respect to the following:

  • Registration and allocation of certificates, including calculation of fees, financial settlements, and reporting,
  • Redemption of certificates,
  • Reduction of certificates,
  • Support for issues of certificates with a price that is known and unknown,
  • Settlement of taxes,
  • Dispatch of share certificates,
  • Support for calculation and disbursement of dividends,
  • Reporting to the General Inspector of Financial Information (GIIF),
  • Support for distribution networks (registration, calculation, and payment of remuneration).

As a leader of innovative solutions for the industry of investment funds and a leading transfer agent, PS Finteco has been actively preparing itself for changes that await the market relating to the scheduled adoption of regulations implementing Directive 2011/61/EU on Alternative Investment Fund Managers, or AIFM for short, into the Polish legal system.

In spring of 2014 a draft of legislative assumptions was published, and in January 2015 a draft of the bill was presented. The draft introduces numerous changes in the Act on Investment Funds and within the scope of other acts of law. It is possible that the regulation shall be adopted within a short period of time, if a political calendar does not significantly disturb the course of work.

AIFM is a response to a crisis of recent years caused by financial institutions. The purpose of the regulation is to contain risks within the financial system of the EU related to the fact that alternative investment fund managers handle substantial assets and execute numerous transactions of material value. Formalisation of the conducted business and imposition of a number of additional requirements on those institutions as intended by the EU legislator is to provide for bigger control over their operations and allow effective management of any possible threats to the market’s stability.

The Polish legislator intends to achieve those goals by defining again entities operating on the funds’ market and including new players, so-called alternative investment firms in supervision. The classification of operating funds will change, too since the existing division into open-end investment funds , specialist open-end investment funds , and closed-end investment funds shall be replaced by a division into open-end investment funds  and alternative investment funds . Among AFIs, or alternative investment funds, specialist open-end investment funds , and closed-end investment funds  will be distinguished and, also ASIs, or alternative investment firms.

It is with those entities in mind, ProService Finteco has already been conducting consultations concerning any possible support with regard to business they carry. Going forward to meet expectations of its customers, PS Finteco prepares solutions in terms of IT tools that are appropriate to the needs of AFIs, to provide them with accounting, reporting, valuation, and other types of supporting services.

A reserved format of data exchange files used on the market of investment funds is confirmation of our experience and professionalism and an example of setting high standards.

ProService Finteco created and has been developing a scheme of files for data exchange with a broadly understood distribution network. Standardised schemes facilitate sending orders and statements of intent of customers from an internal operating system of a Distributor to PS Finteco (DDAT file) thus eliminating delivery of paper documents and expediting the execution time of orders and statements. After orders and statements have been processed PS Finteco sends a resultant file (SWAT file) to the Distributor thus allowing the Distributor reverse uploading of the results which significantly expedites presentation of data on executed orders and statements in the Distributor’s class B2B and B2C systems.

Because of long-lasting presence of ProService Finteco on the Polish market a DDAT file is available in two variants:

  • “flat file” – data text format that contains data that could be separated by separators, e.g. first name, surname, PESEL,
  • “XML scheme” – xml format that shall replace a “flat file”. It is this format that is used to support the latest legal requirements, such as, for example, as Fatca. Currently, an xml data format has been developed and implemented by PS Finteco.

ProService Finteco may be proud of the fact that 99% of the distribution networks that have an internal application uses our DDAT and SWAT formats for sending information not only to ProService AT, but also to other entities operating on the market.

The data exchange process is supported by SYNAPSA tool based on a specialised and secure class MFT system allowing exchange of files with the use of many protocols and security measures. SYNAPSA provides for automation of many tasks usually executed by separate programs.

A separate team of experts at ProService Finteco ensures provision of professional maintenance of financial books of account for funds. The service includes ongoing valuation of the portfolio of funds and preparation of financial statements of funds at dates specified in detail regulations. By providing accounting for funds, ProService Finteco also takes care of calculating relevant indicators to prepare a document with Key Information for Investor.

ProService Finteco offers support to differentiated types of funds and, therefore, financial instruments into which funds invest. This is so because customers of PS Finteco have access to an offer of investment funds that is the broadest on the Polish market and which includes funds: with separate subfunds, multi-unit funds, securitisation funds, non-public assets funds, and real property funds, etc.

The scope of actions we perform further to the disclosure of economic events in the books of account and valuation of the fund’s net assets includes:

  • Determination of a structure of the investment portfolio and its value,
  • Determination of turnovers and balances on cash bank accounts,
  • Determination of the value of the fund’s receivables and payables,
  • Determination of a provision for envisaged costs charged to the fund’s assets,
  • Determination of the value of entrusted capital and the number of units/investment certificates held by the fund’s participants,
  • Determination of the fund’s assets value,
  • Determination of the fund’s net assets value,
  • Determination of a price of a unit/investment certificate,
  • Agreement of valuation with a depository,
  • Publication of the net assets value per unit/investment certificate in accordance with a mailing list provided by the Fund Management Company,
  • Other, as agreed between the parties.

Pursuant to a decision of the Polish Financial Supervision Authority (PFSA) [DFII/I/4031/100/20/16/17/U/AS] 29th of May 2017, ProService Finteco Sp. z o.o. intermediates in selling and repurchasing units of Open-End Investment Funds, and Specialist Open-End Investment Funds. There is Customer Service Point at PS Finteco that provides services to customers by telephone, fax, over the Internet, and face-to-face.

While distributing funds via the Internet, ProService Finteco uses its own solution of an STI Transactional Platform that is a transactional and information module for investors [currently, the module is used by several of Fund Management Companies, including: Union Investment TFI SA, Rockbridge TFI SA, Skarbiec TFI SA, AVIVA Investors Poland TFI SA, or Altus TFI SA. The application has been developed with an individual graphic design of a fund management company owing to which each instance is unique. The platform offers functional support for all types of orders and instructions, including an MIFID test. We have also designed a unique process for the service [approved by PFSA] for which conclusion of an agreement, opening of a register, and submission of purchase is effected within a few minutes without a need for a face-to-face contact or sending documents. The solution is also available as mobile transactional platform (mobile STI) that is to facilitate provision of services to the existing and new users. The application is adjusted to needs of mobile devices both in terms of its presentation, functional, and transactional features.

ProService Finteco offers efficient operational processes and dynamically supports fund management companies in their post-sales activities. We understand that good relationships with investors and access to full and quick information about products are essential for our clients. Thus, we offer professional solutions focused on communication with investors and we support building of a good relationship with them.

  • Call Centre – We provide our clients with a professional call centre services, dedicated both to investors and distributors. Our operators, answering the phone calls incoming through telephone lines dedicated to each client [i.e. fund management company], are periodically trained by the representatives of fund management companies to provide investors and potential investors with accurate and up-to-date information.
  • Automated dissemination of information – Investor Services also provide investors with a means for non-operator mechanisms for the dissemination of information on investor’s account balance, status of transactions, fund pricing etc. These mechanisms enable 24-hours access to investor’s data via phone [IVR] or internet site, and also might be used as a means of fund distribution.
  • Customised mailing – ProService Finteco is fully equipped to provide services of automatic correspondence mailing. We are ready to print and dispatch to investors periodical statements, promoting materials and any other mailings that are required by our clients.
    Our applications supporting the mailing of investor’s statements allow for customisation of materials that is tailored to clients’ needs.
  • Complaint settlement – Our offer includes services dedicated to solving of any issues raised by investors as complaints, inquiries and clarifications. Complaint settlement process is performed in accordance with detailed procedures agreed with fund management companies to provide the service on the highest possible level.