Perpetual awards OTC reporting mandate

Perpetual Corporate Trust has selected a service provider to provide independent reconciliation and oversight of over-the-counter (OTC) derivative reporting across funds for which it acts as trustee and responsible entity (RE).

Fund Recs offers automated operational controls, consolidation of fragmented processes and keeps evidence of oversight to allow businesses to continuously scale their operations and has been appointed by Perpetual.

As trustee and RE, Perpetual Corporate Trust must ensure OTC derivative reporting is complete, accurate and current, including where reporting activities are delegated to third parties.

The implementation of Fund Recs introduces an independent reconciliation framework that compares reported transaction data against underlying source information, providing additional monitoring, exception identification and oversight assurance, Fund Recs explained.

The Fund Recs solution also forms part of Perpetual's broader approach to maintaining a strong control environment across its fiduciary operations.

Commenting, Perpetual Corporate Trust general manager, managed fund services Vicki Riggio said Fund Recs was selected following an assessment of available solutions based on functionality, scalability and alignment with Perpetual's requirements.

"Strong fiduciary oversight requires clear visibility of the activities undertaken on behalf of our funds, including where reporting is delegated to third parties," Riggio said.

"Fund Recs adds an independent layer of reconciliation, helping us identify reporting exceptions and strengthen oversight of OTC derivative reporting.

"This investment reflects our commitment to combining specialist expertise with scalable technology to support robust governance as regulatory requirements evolve."

Meanwhile, Fund Recs chief executive Alan Meaney said: "We are pleased to support Perpetual Corporate Trust in enhancing its OTC derivatives oversight framework. Our platform is designed to provide independent reconciliation, transparency and auditability to help organisations address increasingly complex regulatory requirements."

Perpetual Corporate Trust has approximately $1.4 trillion in funds under administration as at June 30.