UFG Asset Management (NaviCon Holding)

NaviCon Group completed the project in UFG Asset Management group. The implemented solution NaviCon Holding provided to one of the leading players of the investment market tools for preparation of consolidated financial statements.

The UFG Asset Management group provides services in asset management for the Russian and international private and institutional clients interested in investments into the capital markets of Russia and the CIS countries. Today clients of UFG Asset Management are tens of thousands of Russian and international investors.

So the full range of services requires the corresponding IT support. The functionality of the information solutions used in group did not allow to prepare the management reporting quickly. Development of group required the well-tried remedies of preparation and submission of the necessary reporting based on the principles of IFRS. Therefore in the middle of 2009 the decision on implementation of a specialized system for the solution of one of the main financial tasks was made.

Within project implementation the following work types were carried out:

• inspection of processes of consolidation;
• approval of the customer of the concept (model) of consolidation;
• implementation of the created model based on NaviCon Holding;
• integration of the implemented solution with the accounting system;
• user training to work in a new system;
• trial operation of the solution during which the consolidated statements for the last 3 years was prepared.

Golubeva Anna, the chief financial officer of UFG Asset Management group, noted that release from routine work on preparation of the reporting became the main project deliverable. "We received effective and transparent mechanisms which allow to see and assess a financial situation, both on group, and in the separate directions. Today I can receive the basic reports necessary for business: balance, the profit and loss statement, the report of capital movement, the report of cash flow in a foreground mode that allows to use more effectively and rationally working time. Except the listed basic reports a system allows to generate the additional forms necessary for the analysis and decision making. The implemented solution allowed to raise an audiruyemost of reports and their reliability".