Eagle to Present on Cost Basis Reporting at NY event

22 September, 2010

NEW YORK – September 22, 2010 – Eagle Investment Systems LLC, a leading provider of financial services technology and a subsidiary of BNY Mellon, announced that Stephen P. O’Loughlin, CFA, product manager of investment accounting, will participate in a panel discussion at Complying with Cost Basis Legislation: The Issues and Challenges for Banks, Brokers and Mutual Funds on Thursday, September 23. The event, which will be held at Bayards Events and Catering in lower Manhattan, will focus on how prepared the financial services industry is for the IRS proposed rules on cost basis reporting.

O’Loughlin will participate in a panel session titled, What Steps Have Firms Taken to Comply, and Will Deadlines Be Met? He will address how brokerages have prepared for the reporting deadline of January 1, 2011 as well as other key deadlines on the horizon. He will also discuss the technologies and operational changes firms have been making to respond to this latest industry regulation. 

O’Loughlin has more than 14 years experience in the investment software industry with extensive experience designing, building, testing and implementing investment accounting solutions. He joined Eagle in 2000 and has performed multiple roles within the organization including product implementation, business analysis, development management and most recently product management.

Eagle’s accounting product currently supports accurate lot level cost basis reporting including the effects of taxable and non-taxable corporate actions as they relate to cost basis, holding periods and ultimately in the calculation and categorization of gains and losses at disposition.  In 2010, Eagle incorporated new functionality to accurately account for dispositions of gift and inheritance tax lots.  Eagle is currently developing the more complex 2012 requirements including, but not limited to, average cost bifurcation for mutual fund holdings and average cost equity positions held in dividend reinvestment plans. 

Eagle Investment Systems LLC, a subsidiary of BNY Mellon Asset Servicing, is a global provider of financial services technology.  Eagle provides leading-edge technology and services for data management, investment accounting and performance measurement.  Eagle’s product suite is offered as an installed application or can be hosted via Eagle ACCESSSM, Eagle’s ASP offering. Additional information is available at www.eagleinvsys.com.

 

BNY Mellon's Asset Servicing business supports institutional investors in today’s fast-evolving markets, safeguarding assets and enhancing the management and administration of client investments through services that process, monitor and measure data from around the world. We leverage our global footprint and local expertise to deliver insight and solutions across every stage of the investment lifecycle.

BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation. BNY Mellon is a global financial services company focused on helping clients manage and service their financial assets, operating in 34 countries and serving more than 100 markets. BNY Mellon is a leading provider of financial services for institutions, corporations and high-net-worth individuals, providing superior asset management and wealth management, asset servicing, issuer services, clearing services and treasury services through a worldwide client-focused team. It has $21.8 trillion in assets under custody and administration, $1.0 trillion in assets under management, services $11.6 trillion in outstanding debt and processes global payments averaging $1.5 trillion per day. Additional information is available at www.bnymellon.com.

Press contacts: 
Eagle Investment Systems LLC
Kendra Ahern
T: +1 617 219 0209
E: kahern@eagleinvsys.com

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Eagle Investment Systems LLC is a leading global provider of financial technology solutions.Eagle's data management, investment accounting and performance measurement solutions integrate and streamline the investment process in support of achieving improved business efficiencies at a lower cost of ownership.