Fidelity Family Office Services Adds Alternative Reporting Capabilities

One of the thorniest issues for many family offices is client reporting. A family’s holdings often will include alternative assets. In addition, the alternative holdings may be distributed among family members. 

Fidelity Investments, through its Family Office Services unit, is hoping to solve some of these challenges for its family office clients. The unit already provides custody, investment and brokerage services, and announced Tuesday that it would add a “Web-based Alternative Investments Administration” tool that will show alternative investments and their pro-rated ownership among family members.

The tool shows “whether the investment is owned by one or multiple family members,” according to the announcement. Administrators can “assign ownership percentages to each individual. Investment activity such as capital calls, distributions and valuation updates of the alternative investment is then allocated to the family member,” based on their share of the asset.