Q&A
Q: If we already have manually maintained accounts with the alternatives, can we use the existing account?
A: Yes, we plan to keep the existing accounts and assets for most scenarios when enabling these in the AIP
Q: Does this mean all of our existing alternative product tickers will need to be renamed if they are to be consistent across (the database ticker prefix)?
A: No, the existing products can be enabled without updating the tickers. Any new products that are created will automatically be created with the ticker prefix for consistency sake.
Q: What if the alternative product is not Private Equity or LP?
A: We are enabling 5 additional product subtypes: Hedge Funds, REITs, Real Estate, Private Debt, and Account Balance. If these don’t meet the needs, we would like to have a discussion with you to discuss what other product types you would look for and needs surrounding that.
Q: Is this going to replace using in the Private Asset Platform?
A: Yes. The Private Asset Platform will be going away as of July. All users will be converted to AIP between April 15th and June 15th.
Q: We have existing alternative assets – do we need to set them up again using this new system?
A: Existing Assets will go through a process to enable on AIP. Please review Ascent Course 4 and reach out to our Products and Prices team to start the process of getting those enabled.
Q: When is this App available?
A: It is already available. Please review Ascent Course 1 for information on managing any of the rights for making this available.
Q: Will we be able to easily convert existing Alternative Accounts and Assets into the AIP APP?
A: Yes. Existing Assets will go through a process to enable on AIP. Please review Ascent Course 4 and reach out to our Products and Prices team to start the process of getting those enabled.
Q: When will the reporting sub-reports be available in Report Builder 2.0? How does the data flow to reports? Is this also covered in Ascent?
A: We anticipate having new AIP subreports that point to the new AIP datapoints in Orion available by March 24th. The existing PAP subreports will continue to point to the PAP datapoints until the PAP is retired.
Q: Does/can AIP interact with custodians?
A: We currently have our alternative products and accounts at custodian providing them monthly value updates using DTCC We are working on the next stages of development that integrate custodial data with the AIP. Portions of this will be rolling out with the May release.
Q: Many Alternative Investments are purchased with a commission and cannot be billed on. How is this handled?
A: Any assets/accounts can be billed or not billed based on billing settings within the Orion system.
Q: Can this be used to simplify portfolio accounting for manual accounts that hold private equities securities?
A: We’ve had some positive feedback already about this being simpler than existing manual processes. We are happy to hear any feedback about whether you think the tool has accomplished that or if you have additional suggestions.
Q: If we go back and edit the source/destination column later, will the offsets automatically update as well?
A: Yes, transaction activity will be recalculated each time a transaction is edited.
Q: Can existing Private Platform data be converted to AIP?
A: Yes, all PAP data will be converted to AIP starting on April 16th. The PAP will be retired in July.
Q: Will we be automatically enabled for the app?
A: This will automatically be enabled for all Advisor Admin users. Other users will need to work with their firm’s Roles administrator to set rights.
Q: Can we convert the transactions for AIt assets already in the system?
A: Any transactions currently in AI assets will continue to show once the assets are enabled. If these assets/transactions are priced at 1.00, then no additional action is required for existing transaction data after enabling the asset. If existing assets/transactions are not priced at 1.00, then you will need to work with Orion to get that activity updated.
Q: What about client portal and reporting? all products/transactions in AIP flow into client portal and reporting functionality? Any assets within the AIP are native to Orion and have all the existing functionality as any other accounts in Orion.
A: Can I convert an existing account into an alt As long as it is a manually-maintained account. Updating the Fund Family to Private Placements will move the account and all associated assets into AIP.
Q: Will entering a capital call schedule and a distribution schedule automatically create transactions on those dates? or is it just for reporting/show?
A: This will not create transactions, but the Global Transaction tool can be used for that. The Schedules are used for anticipating and tracking events when they are known.
Q: Is there a function available to bill Alts separately from other assets? Are the Alts comingled with other assets?
A: If the Alt reside in a separate account it can have a separate fee schedule, or it can be marked to be excluded from billing completely.