The new feature allows the transfer of funds from one subscription to another with a few mouse clicks, said BGL managing director Ron Lesh.
“All fund details, data feeds and full transaction history are moved across and a copy of the fund remains with the old subscription. The new feature helps not only users who have a client moving from another firm to another, but also firms merging or splitting,” said Mr Lesh.
“This was the number one feature requested by clients. In the past, BGL had to handle this process much of which involved manual loading of files and data input.”
Mr Lesh said the fund transfer process is expected to save users hundreds of hours each year.
“I’m glad to see the team are keep constantly adding value to our software solutions and being pioneers in what we do,” he said.
The outgoing accountant has to agree to the transfer because he/she owns the data. The data is NOT owned by the client. Your suggestion to clone the data without permission would be in breach of BGL’s Subscription Agreement. The old accountant can delete the fund once it is transferred if they wish however they also are required to keep the data.
Why does the outgoing accountant have to agree to the transfer? The accountant may own the data file but the actual data is the property of the client and presumably paid for. In cases on non cooperation BGL should just clone the data for the new accountant. That way they get fees from both the old and new accountants.