Thomson Reuters has announced the launch of its latest release of Portia, an enterprise-wide investment accounting system.

Thomson Reuters Portia has been transformed to include robust fund accounting capabilities which will provide clients a single solution for managing their investments, accounting in multiple bases, generating operational reports as well as meeting regulatory requirements, said a company statement.

This will allow clients to support their operational needs of managing securities and funds without the need for multiple applications, it said.

For firms who manage funds, the latest version of Thomson Reuters Portia creates efficiencies by automating all aspects of the fund accounting process – the calculation of a true net asset value, the ability to unitize portfolios, improved closed accounting controls, enhanced income and expense accrual processes, capital stock transaction management and the ability to track subscriptions and redemptions more easily.

Christy Bremner, global managing director of Portia, Thomson Reuters, said: "Thomson Reuters designed the new version of Portia with the goal of providing investment managers with a single solution to simplify and automate work processes across the enterprise."

"Adding fund accounting capabilities allows firms to leverage Thomson Reuters Portia to simplify their operations and optimize their middle to back office resources," Bremner noted.

The core functional improvements allow fund managers, investment mangers and fund administrators to provide their investors with financial statements, capital statements and performance reports all from one single system.

Nicolas Photiades, chief executive officer, Blominvest Saudi Arabia, said:  “By participating in Thomson Reuter’s Early Adopter Program, we have seen first hand how the new Portia platform can now consolidate our data into one system and significantly improve our operational efficiencies.”

A global enterprise-wide accounting solution, Thomson Reuters Portia supports the increasingly complex needs of investment managers. It eliminates the need for multiple systems, reducing operational risk and overall costs.-TradeArabia News Service