Press Release

Morgan Lewis Launches Cloud-Based Tech Solution for Registered Funds’ Regulatory Reporting

Wednesday, October 6, 2021

NEW YORK, October 6, 2021: Morgan Lewis has launched AdviserDash, a first-to-market, cloud-based application to report on investment adviser information. It replaces the manual, cumbersome 15(c) annual advisory agreement renewal process with an automated system for distributing, monitoring, and publishing of the many fund documents required for reporting. AdviserDash is the most recent tool of the firm’s ML Fund Studio portfolio.

“We are driven to use innovation and automation to enhance client service,” Firm Chair Jami McKeon said. “Our commitment to quality drives our approach to rethink processes or apply a technology solution that improves efficiency and the client experience.”

AdviserDash provides a modern web interface to make it clearer for the board to quickly identify year-over-year changes that could impact an adviser’s renewal, make it easier for the advisers to gather information from multiple sources and input information, and make it straightforward for the funds to recall and analyze the data. The application is built on a low-code platform in order to be more agile—it is quick to deploy and quick to change once there is user feedback. 

“The annual advisory agreement renewal process is generally regarded as among the most significant fund board responsibilities, and with the upcoming board meeting season, we understand it’s imperative to provide complete and accurate information,” said Timothy W. Levin, leader of the firm’s investment management practice. “Although there are services on the market to support the 15(c) process such as providing benchmarking, none of those services address the distribution and collection of the requisite responses from investment advisers. To update a manual process with a flexible automated solution provides consistency of product and process, at the same time mitigating risk and being more cost-effective. So it’s really a win-win for everyone.”

Features and functionality of AdviserDash:

  • Automates and customizes the creation and distribution of 15(c) reporting questionnaires to help ensure accuracy of all necessary information.
  • Provides a 360-degree view that monitors and tracks all 15(c) questionnaires by adviser for each board meeting bundle and ensures timely submission of draft and final versions.
  • Delivers a modern, web-based interface, including dynamic tables.
  • Offers built-in ultimate security, compliance, and continuity functions.
  • Modifies to digitally transform other manual internal operations, reporting, and due diligence needs.

“We challenge our team to identify redundant tasks and manual inputs that require significant time in order to refine workflow approach and embed intuitive technology applications where appropriate,” Chief Knowledge Management and Practice Services Officer Colleen Nihill said. “Our primary goal is to enhance our lawyers’ workflow, improve transparency, and provide an optimal user experience.”

Clients deserve technology-driven solutions that produce value-add efficiencies and the highest quality work product. Morgan Lewis’s multidisciplinary knowledge management and practice services team has worked closely with the investment management practice on this digital transformation to modernize the end-user experience for mutual fund boards and investment adviser clients.

About Our Knowledge Management and Practice Services Team

Our cross-functional knowledge management and practice services team delivers customized client solutions by modernizing, automating, and refining processes that improve efficiencies while reducing risk in how we deliver innovative legal services. The team uses technology, such as enterprise low-code development platforms and cloud-based applications, that can produce digital transformations. With these technological-driven solutions, the team can standardize high-frequency tasks by mapping out a process design and implementation plan that enhances transparency, workflow, and user experience. Our team also provides quantitative and qualitative analytics to measure the effectiveness and success of a project or task. These efficiencies and tailored approach serve as an ultimate project manager, allowing us to deliver the greatest value to our clients.

About Our Fund Studio

Our investment management practice, in collaboration with our knowledge management and practice services team, has undergone a digital transformation to offer clients a suite of enhanced legal solutions called ML Fund Studio that supports registered fund compliance and due diligence. AdviserDash is the most recent tool that follows FundKit, a combination of technology, workflows, and custom processes that ensures consistent and accurate preparation of prospectuses and board resolutions. For more information, visit ML Fund Studio’s website.