Principal Funds, a group of 112 mutual funds, had a problem with post-trade compliance: It wanted some way to confirm that all its transactions stayed within investment trading rules, and to confirm that every day.
The problem? The sheer volume of testing compliance every day would require a staffer to work all day at the task to get through just a fraction of Principal’s funds. It simply couldn’t be done—at least not economically, explains Layne Rasmussen, Principal Funds’ controller and CFO.
