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Virtual Document Warehouse
NewRiver delivers Virtual Document Warehouse in advance of SEC's Summary Prospectus: provides mutual fund distributors with print-on-demand solution
Electronic Database of EDGAR-Sourced Compliance Documents Helps Financial Firms with In-House Print Facilities Reduce Costs - Combines Prospectus & Trade Confirmations in One Mailing
Media Contacts:
Chris McCoin or Richard Smith
McCoin & Smith Communications LLC
508-429-5988 (Chris) or 978-433-3304 (Rick)
chris@mccoinsmith.com or rick@mccoinsmith.com
Andover, MA, March 4, 2008 – NewRiver Inc., creators of the leading central repository of mutual fund documents and data for financial services firms, today announced the immediate availability of the NewRiver Virtual Document WarehouseSM (VDW), a comprehensive data warehouse capable of supporting mutual fund distributors who plan to adopt the SEC Summary Prospectus rule. Designed for financial firms with in-house print facilities for investor communications, NewRiver Virtual Document Warehouse will help mutual fund distributors automate inventory management, reduce fulfillment costs and improve their ROI. The NewRiver Virtual Document Warehouse can also be used today by 401(k) providers to enable 404(c) compliance and immediate cost savings.
This is particularly important because in a traditional warehouse fulfillment operation maintaining adequate inventories of mutual fund prospectuses, supplements and other required compliance disclosure documents can be cumbersome as trade volumes fluctuate and compliance documents constantly change. For example, on a typical day, nearly 5% of all U.S. open-end mutual funds have a new filing on the SEC’s EDGAR database – and on the busiest days this number can jump to over 20%. NewRiver Virtual Document Warehouse ensures required investor disclosure is always “in stock” and up to date, thereby reducing the need to maintain and support a traditional warehouse.
In addition, by implementing the NewRiver Virtual Document Warehouse, firms will have an efficient, scalable print-on-demand solution that will deliver both a trade confirmation and prospectus within a single mailing and will be compliant with the T+1 requirement.
NewRiver Virtual Document Warehouse is the industry’s only database of print-ready, PDF format prospectus and supplement documents updated daily and sourced directly from EDGAR - the SEC’s securities database. With NewRiver Virtual Document Warehouse, mutual fund broker/dealers can meet their printed prospectus compliance delivery requirements by providing the most up-to-date prospectuses and supplements to support both their pre-sale and post-sale activities. Similarly, correspondent clearing firms will be able to meet the confirming prospectus compliance delivery requirements of their correspondent broker/dealer clients, and retirement plan providers can deliver printed prospectuses based on transaction activity to participants of retirement plans that elect to adopt 404(c) “safe harbor” provisions.
“With the advent of the SEC’s Summary Prospectus Rule, firms can better meet the needs of their customers by delivering prospectuses in the form and length they desire and more importantly realize even greater cost savings by shifting to a digital, print on-demand model,” said Russell Planitzer, President and CEO of NewRiver. “For those clients who still prefer to receive paper-based communications, NewRiver Virtual Document Warehouse enables them to combine both the trade confirm and the prospectus in a single mailing which will improve the overall investor experience, reduce waste and eliminate unnecessary costs and fulfillment.”
About NewRiver, Inc.
NewRiver develops innovative technology solutions that help financial leaders simplify investor disclosure - providing transparency and cost savings to the delivery of fund data and investor communications. Since 1995, the company has helped some of the world's leading financial organizations move from paper to electronic disclosure via an easy to use, cost-effective, managed service offering. NewRiver pioneered the first electronic prospectus, and is the only company to guarantee its data to be "compliance grade" which allows customers to reduce risk, lower compliance costs and increase revenues. Through a patent-pending, automated process NewRiver efficiently monitors 6.5 million data points from over 23,500 fund CUSIPs. Further, the company's unique "paperless" approach improves the investor experience while offering a real alternative to the environmental impact of paper-only delivery. Relied on daily by over 100 leading financial services firms, and millions of investors, NewRiver is a trusted and growing solution provider facilitating the transition from paper-based mutual fund information, to electronic. To learn more, please visit our website www.newriver.com or call 978-247-7200.
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