On 1st October 2007, the new Portfolio Investment Entity (PIE) regime commenced in New Zealand. From that date any custodial platform or nominee may elect to operate as a Portfolio Investor Proxy (PIP) under the new regime.

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FundExpress – a service outline:

FundExpress is a NEW data service to assist the transfer of the required fund, tax and investor data points quickly and efficiently between PIEs and PIPs, to meet users’ needs under the new PIE tax regime.

FundExpress is designed to give participants the low cost of ownership, rapid implementation and ease of maintenance that only a true multi-tenant ‘software-as-a-service’ application can provide. InvestmentLink NZ is an established provider of such IT infrastructure services for financial services clients in NZ.

What data is transferred? The full data set for transfer to PIPs is 30 mandatory data fields, and 10 optional data fields, containing the following categories of information:

• investor identifiers and fund unit balances.
• fund identifiers, unit prices and total units on issue.
• fund tax information and tax components.

A reduced data set for fund providers to easily transfer daily price data to market research companies is also included. Who are the users of FundExpress?

• Fund managers – the data providers.
• Portfolio investor proxies - the data recipients.
• Market research fund price recipients.