Proventus Capital Management AB is a Nordic Alternative Investment Fund Manager (AIFM) active in the European market.
They manage the Proventus Capital Partners Funds which provide tailor made credit funding facilities to European
midsized companies. Before the company became a separate legal entity and organization, they were part of a family
owned, privately held investment company named Proventus AB that has been active in Nordic and other European capital
markets for 50 years. Proventus Capital Management AB grew from having to report 5 AIF’s twice a year, to reporting 8
AIF’s quarterly. For this case, we spoke to Martin Alm, CFO at Proventus Capital Management AB.
The AIFMD Annex IV reporting challenge
As the new regulations for AIFMD Annex IV reporting were set by the regulator, they didn’t have the internal set-up or
capabilities to do the AIFMD annex IV reporting. The old solution was soaking up too much time as they had to input all
their fund information manually into a web browser in order to create the AIFMD reporting XML. They wanted a system in
which as many things are automated to save time.
Now, Alm simply links his existing Excel documents to the Annex IV reporting template from Matterhorn. No rekeying of
data. In the beginning it took some time to set up the template with static information about the fund, but once that
was done it worked as an automated solution, filling in the right numbers for you. The automated validation and
consistency checks made sure the data was correct. Instead of spending days doing the AIFMD Annex IV reporting, Alm now
spends a couple of hours.
Alm managed to cut down on the time needed to do the AIFMD Annex IV reporting.
“First I did everything manually which was extremely tedious work with a high risk of errors. Now I’m doing everything
automated and fairly quick.”
He reduced the risk of incorrect data because the fields in the AIFMD Annex IV are validated, and the template is always
up-to-date. Matterhorn’s AIFMD Annex IV reporting template signals alerts when something is wrong, reducing the risk of
errors with every submission. It’s also in line with the costs of the old solution. The difference is that the Annex IV
reporting template is an automated solution that saves Alm days of valuable time.
“I think my reporting is better now than it was before. I’m more confident that we are following the latest regulations,
and I’m not worried about getting reprimands from the regulator.”
“The system that’s creating the AIFMD reporting XML needs to know all the validation rules from the regulator in order
to create the correct XML, otherwise the Annex IV reporting requirements are not met, and the file is not going to be
accepted. Since you tend not to have too much time between having your numbers ready and the AIFMD reporting deadline,
you are in danger of running late.”
“It’s great to see what Matterhorn thinks I should fill into each cell. For people not so familiar with the AIFMD Annex
IV reporting, it’s very helpful to see what they suggest.”