The Dreyfus Corporation leads mutual fund industry by improving operational efficiency for EDGAR (SEC Filings) using SEC Publisher™ from BCL Technologies
March 8, 2005
The Dreyfus Corporation has improved its operating efficiency for SEC required mutual fund filings by streamlining their processes using SEC Publisher™ from BCL Technologies.
Kamal Bhatia, First Vice President at Mellon Financial Corporation said “This new business process and effective implementation of technology improves the quality and shareholder friendliness of disclosure documents while intelligently automating the process required for SEC filings.”
Press Release Body:
Santa Clara, CA March 08, 2005 – To streamline the increasingly complex filing of information for mutual fund disclosure documents with the SEC via its EDGAR filing system, Kamal Bhatia, who is responsible for Strategic Projects and Business Process Improvement at The Dreyfus Corporation, reports that his organization now uses SEC Publisher™ from BCL Technologies. Based on BCL’s patented PDF conversion technology, SEC Publisher™ is the most proven and reliable way to convert Word/PDF documents and reports into the SEC EDGAR HTML format.
One of the important functions at mutual fund companies such as Dreyfus is to periodically file fund registration statements and reports with The Securities and Exchange Commission (SEC). This information must be filed via the SEC’s Electronic Data Gathering, Analysis and Retrieval System (EDGAR) system. This information is created in HTML format and directly updated on the SEC website.
Up to now, Dreyfus had been using a time consuming task to transform the word processing, typesetting, and spreadsheet data into an acceptable EDGAR format with appropriate “red-lining” to identify changes. With over 650 EDGAR filings made by Dreyfus each year, significant resources and costs were allocated to this requirement. Previously these transformations were made into ASCII but the ASCII format was not investor friendly (in terms of document readability). With increased disclosure requirements, information needs to managed and monitored more diligently.
Bhatia and his team at Dreyfus studied this situation and determined that the existing business process had potential for improvement. Opportunities focused on reducing manual steps, cutting back on error-prone processes, eliminating incompatible software tools and simplifying steps with a more efficient standardized process. His goal was to implement a new business process that used advances in technology combined with process engineering to get better use of resources and eliminate redundant tasks.
Dreyfus achieved significant cost savings and operating improvements when Bhatia’s team eliminated manual conversion of information (from Quark to ASCII). They further cut costs by eliminating software-licensing fees. Dreyfus quickly realized a return on the investment on the one-time outlay for SEC Publisher™ and its accompanying small support fee structure. Bhatia selected BCL Technologies and its SEC Publisher™ because of BCL’s ability to meet his needs most exactly with custom extensions to SEC Publisher™.
BCL SEC Publisher gives Dreyfus an efficient way to convert documents into the SEC EDGAR HTML format. For example, a mutual fund’s Annual Report to Shareholders and its Prospectus are both required to be filed with the SEC. The Annual Report generally serves as the principal document used by each Dreyfus fund to disclose financial information to shareholders. The prospectus is an offering document used to offer products for sale and assist investors in making educated investment decisions. Both are traditionally printed and mailed to shareholders and are available on financial web sites in addition to being filed with the SEC.
When asked about how SEC Publisher is engaging the ever-changing nature of SEC compliance regulation, BCL Technologies CEO Hassan Alam explains, "By working closely with and really listening to our customers, such as Dreyfus and major financial partners, BCL is able to gain deep insight into the most current trend in the regulatory filing industry. The result is a solution that helps customers improve their current filing process and produce more shareholders friendly EDGAR output, such as the increasing popular EDGAR HTML."
Bhatia’s final advice to anyone considering doing this type of project is thoroughly understand your current business practices, identify your new business goals, outline new tasks and deliverables, and then evaluates potential suppliers such as BCL Technologies for their expertise in helping you reach those new goals.
About The Dreyfus Corporation: The Dreyfus Corporation, established in 1951 and headquartered in New York City, is one of the nation's leading asset management companies, currently managing approximately $160 billion in mutual funds, separately managed accounts and institutional portfolios. Dreyfus Service Corporation is a wholly owned subsidiary of The Dreyfus Corporation.
The Dreyfus Corporation is a subsidiary of Mellon Financial Corporation, a global financial services company. Headquartered in Pittsburgh, Mellon is one of the world's leading providers of financial services for institutions, corporations and high net worth individuals, providing institutional asset management, mutual funds, private wealth management, asset servicing, human resources and investor solutions, and treasury services. Mellon has approximately $3.2 trillion in assets under management, administration or custody, including $625 billion under management. News and other information about Mellon is available at www.mellon.com.
About BCL Technologies: BCL is offering a FREE trial of SEC Publisher™. Email your request for a FREE trial to firstname.lastname@example.org or by calling BCL at 408-557-2080 to make arrangements to test this system with your documents. To learn more about SEC Publisher™, see more information on the web at www.SECPublisher.com.
SEC Publisher™ is a trademark of BCL Technologies. BCL Technologies is the leading developer of state-of-the-art document creation, document conversion, and web publishing tools that are used to automate a wide variety of manual process, saving time, and increasing productivity and profitability. BCL also provides Server-based and SDKs for PDF creation and conversion.