Delta Data Debuts FundBlast Corporate Actions Portal

FundBlast will serve all parties involved in the fund actions lifecycle, including fund companies, broker dealers, and fund service providers such as transfer agents, fund accountants and record-keepers.

Whitfield Athey, CEO of Delta Data, says: “FundBlast will replace the current email-based notification process around important fund events and truly revolutionize how they’re communicated.”

The company says the top two broker dealers and 48 out of the top 50 funds are in the process of onboarding the new platform.

Delta Data has spent four years developing FundBlast, and has incorporated feedback from industry partners. It hopes the portal will come to be seen as the new standard in fund communications.

There is currently a lack of consensus in the mutual fund community about how best to communicate fund events, other than sending out email blasts to distributors, with each fund company often using a different format. The lack of consistency is a major pain point for distributors, and creates inefficiencies such as data latency and the risk of information not reaching its intended target.

Delta Data estimates that a typical broker dealer client has to manually sift through more than 21,000 emails a year from their fund partners, some of which require action or maintenance, and the perceived risk of this activity is high.