Asset Vantage partners with WTax.
AV partners with WTax, a global withholding tax recovery firm, to improve investment returns for family offices.
Asset Vantage, a next-generation, cloud/mobile-based asset management, accounting, and reporting system, has partnered with WTax, the world leader in technology-supported withholding tax recovery services, to improve the availability of information on the topic of withholding tax. From educating investors about the material impact of unrecovered withheld tax on investment returns; to empowering users to make improved decisions in the reclaim function and process – the Asset Vantage-WTax partnership aims to raise a 360-degree awareness across the wealth management sector. The global withholding tax system erodes billions of dollars from investment returns, with an average of 30% of foreign investment income deducted at the source. A high proportion of this value is recoverable through bilateral tax treaties and legal mechanisms. However, due to the complexity and administration required in such methodologies, unclaimed taxes go unrecovered each year.
WTax provides a model that allows high-net-worth individuals, single and multi-family offices, wealth managers, and private banks to receive the same level of service as that of a multi-billion dollar fund manager, thereby benefiting from cost efficiencies previously only available to large fund managers. Daniel Ginsburg, CEO of WTax: “Oftentimes the concept of challenging tax withheld on foreign dividends is unknown to an individual or family office, as it is deducted at source and the information of its recovery is largely inaccessible to anyone that is not an expert in indirect tax. WTax seeks to provide a world-class withholding tax recovery function to all investor profiles, thereby materially improving investment returns for the industry as a whole. By partnering with Asset Vantage, we are able to improve investment performance for a profile of investor who would otherwise not be aware of the availability and benefits of such a service.”
Chirag Nanavati, MD of Asset Vantage: “We help families with complex wealth run their family office with the same efficiencies of a well-run business. To do this effectively, families need to see the complete picture of their wealth which includes a general ledger and an investment performance view across asset classes, geographies, cash flows, returns and ownership across entities. The AV platform’s integrated investment accounting and performance reporting brings this actionable view together all with an easy-to-use interface. AV is also the industry’s first platform with transparent pricing and with the privacy and security that families have come to expect. Our partnership with WTax is going to accelerate this vision. Together we will help families sharpen the picture of their wealth and realize their latent potential.”
Asset Vantage is a next-generation cloud/mobile-based asset management, accounting, and reporting system that caters to the complex financial needs of customers ranging from individual wealth holders to fully staffed family offices and those professionals who assist them.
The company was founded in 2011 by a family office and technology group to produce what it could not find elsewhere: a full and actionable view of its wealth. Our fully configurable software provides comprehensive portfolio reporting, full general ledger accounting, reconciliation, data aggregation, and an analytics platform encompassing all asset classes, currencies, and geographies.
Asset Vantage serves hundreds of single-family offices, multi-family offices, and CPA firms across North America, the UK, the Middle East, and India.
WTax is a division of the VAT IT Group, an indirect tax recovery firm with global reclaim capabilities, an extensive network and infrastructure that provides specialist, fully outsourced foreign withholding tax recovery solutions in over 30 jurisdictions.
WTax’s investment in and vision of a truly automated reclaim process, coupled with two decades of indirect tax knowledge, allows their clients to be free of the administrative and complex reclaim processes that hinder investment performance.
WTax currently services over 4,000 clients ranging from $10M to $1T AUM and enhances their clients’ annual performance by up to 50 bps per annum. For more information, please visit www.wtax.co.
Inquiries regarding this announcement should be addressed to:
- Daraius Sumariwala, Asset Vantage, +1 (860) 301 4259, firstname.lastname@example.org
- Vidya Thampi, Asset Vantage, +91 9833110109, email@example.com
- Alex Sutherland, WTax, +44 (0) 77738 167866, firstname.lastname@example.org