GainsKeeper Press Release
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Boston - 1/18/06
When the corporate action history of a security is complicated or unknown, calculating its cost basis is an arduous process at best. The time-consuming effort forces tax and investment professionals to spend hours -- sometimes even days -- playing detective to determine the security's history, and then hoping they calculated it accurately. Now, with the help of a new tool from GainsKeeper called the BasisPro™ Cost Basis Analyzer, professionals can complete the entire process in just seconds.
GainsKeeper, a part of Wolters Kluwer Financial Services, has a strong track record in providing automated tax-based financial tools and services to the investment community. With BasisPro, general information about the security is entered into the system, and BasisPro uses its built-in database of historical information for thousands of different securities to generate the correct cost basis within seconds. For complex corporate actions, BasisPro relies on the gold standard tax analysis provided by CCH Capital Changes, also a part of Wolters Kluwer Financial Services.
BasisPro can be accessed through two different channels: directly through BasisPro's web interface, or via the web portal of a retail broker dealer that offers BasisPro to its clients. If a cost basis inquiry occurs that does not already appear in the BasisPro database, GainsKeeper's product support staff will provide the requested cost basis information for that specific security within 48 hours and update the BasisPro database accordingly.
"As any tax or investment advisor knows, researching the corporate action history of a security and calculating its cost basis can be incredibly cumbersome and time consuming," said Greg Alves, vice president of emerging products at GainsKeeper. "The number of corporate actions such as spin-offs, mergers, and stock splits that can occur over a period of years is staggering. It can take hours, even days, to manually research the history and calculate its cost basis. By automating the process with BasisPro, the time is cut to seconds, enabling the advisor to concentrate on more productive things like serving clients and growing the business."
"GainsKeeper is a rapidly growing suite of innovative solutions and services used by many of the leading investment firms in the industry," said David Stephens, vice president of the Security and Insurance unit of Wolters Kluwer Financial Services. "The BasisPro Cost Basis Analyzer provides clients with additional value by building upon GainsKeeper's strong suite of cost basis solutions."
About Wolters Kluwer Financial Services
Wolters Kluwer Financial Services, a market leader and strategic customer unit of Wolters Kluwer, provides best-in-class compliance, credit, and operational risk management and work flow services and solutions; as well as capital changes and corporate actions data and tools to banks, credit unions, mortgage companies, securities organizations, and insurance companies throughout the United States. Its well-known brands include Bankers Systems, Atchley Systems, VMP Mortgage Solutions, PCi Corporation, GainsKeeper, CCH INSURANCE SERVICES, CCH Wall Street, CCH Capital Changes, and CT INSURANCE SERVICES. The organization's solutions include documentation and documentation platforms; analytics; regulations and statutes tools; and capital changes and corporate actions services-all focused on helping its customers manage risk while becoming more efficient, productive, and responsive. For more information on Wolters Kluwer Financial Services, visit www.WoltersKluwerFS.com.
Wolters Kluwer is a leading multinational publisher and information services company. The company's core markets are spread across the health, corporate services, finance, tax, accounting, law, regulatory and education sectors. Wolters Kluwer has annual revenues (2004) of €3.3 billion, employs approximately 18,400 people worldwide and maintains operations across Europe, North America and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its depositary receipts of shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices.
GainsKeeper, a Wolters Kluwer Financial Services product family, provides automated tax-based financial tools and services to the investment community. GainsKeeper solutions enable financial institutions to offer sophisticated tax lot accounting services to their customers, ranging from back-office outsourcing to fully integrated, Internet-based tools and services utilized by the brokerage, mutual fund, and fund administration industries. To learn more about GainsKeeper and find additional contact information, visit www.gainskeeper.com.