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Fund Accounting is more than just a system: A case study from Foresters Friendly

Foresters Friendly Society has been helping with family finances since 1834. As a mutual society, they do not have shareholders, so profits are instead distributed to their policyholders in the form of bonuses. Foresters Friendly take a sustainable approach to savings, investments and insurance.

We positively discuss unit pricing and the use of Linedata Icon regularly and its capabilities to allow us to complete our jobs effectively and efficiently 


Rachel Hardy, Finance Director, Foresters Friendly.

Challenges and opportunities

In today’s business environment the funds industry is faced with many challenges and must seek out ways to both confront these challenges and hopefully turn them into opportunities.  Foresters Friendly, like others, is finding the biggest challenges for the industry today are the progression of technology and the ability to keep up with the tsunami of industry regulation.  Additionally, they are finding the uncertainty of the future of the UK’s economic state, particularly the after effects of Brexit, a challenge.  One of the ways they have found to counteract and deal with these challenges is using Linedata Icon, a fund accounting solution that is easily adaptable to changes and provides them with the confidence that regardless of the uncertainty will enable them to overcome these challenges.  However, they do see opportunities and Foresters are currently expanding their product range which could potentially include more Unit-linked products.  In this case they will be able to further utilise Linedata ICON, to simplify and streamline current processes. 

Fund Accounting – streamlining and automating

Foresters Friendly have been a Linedata client since 2014, using the Linedata Icon fund accounting solution. So, how does Linedata Icon help Foresters Friendly in their day to day business?

Rachel Hardy, Finance Director at Foresters explains, “Linedata Icon provides us with the ability to efficiently price and carry out fund accounting for our unit linked products. We also have expanded into using Linedata Icon to administer some our non-unit linked funds in assisting with month end accounting and reporting. The ability to be able to create and modify various items such as reports as required is also extremely beneficial. The ability to create bespoke cost sheets with the help of the Linedata consultants is another bonus.”

Foresters Friendly also found that, “Without Linedata Icon and the Linedata support team the calculation of our unit prices would be near impossible in the strict timelines required.

“Linedata Icon is a very effective tool enabling fund accounting and pricing within our organization.  Also, the high quality support that comes alongside the system provides us with a high level of confidence and assistance.”

Recently Foresters have taken the step of adding an additional pricing module of Linedata Icon to support their back-office operations.  So, how has the implementation gone for Foresters Friendly and how has it helped with their business?

“The implementation was altogether a very smooth process. The Linedata consultants who assisted us in the creation and design of our cost sheets were very knowledgeable and experienced. We carried out testing in order to ensure we were getting the results we required and have been entirely satisfied with the outcome, and the support we received throughout the process. This has meant a significant reduction in various processes throughout our normal pricing day, freeing up time for other important tasks.”

After several years of using Linedata for our software with no issues there is no need for us to consider other providers

Rachel Hardy, Finance Director, Foresters Friendly.

Robust solution and a strong relationship

For financial institutions, fund accounting is a core function, requiring a strategic platform from a strategic partner.  Working with truly strategic partners is, and should be, very different from managing other supplier relationships

What is the impact, if any, of the support you receive from Linedata?

“The Linedata support analysts and consultants are deemed just as important to us as the system itself. With the support provided we feel more confident in both our own abilities and the system’s capabilities. The communication from Linedata via email, telephone and face-to-face has been incomparable to the service received from other providers of business services.”

Foresters Friendly commented that, “Linedata’s documents are extremely detailed and helpful for both new users and experienced users of Linedata Icon.  They are especially helpful in terms of gauging the potential changes we can make to our current methods,” additionally, “We use the online service ‘’ fairly regularly and are extremely satisfied with the service we have received over the years from all the Linedata support analysts we have come across. The knowledge and support provided is fantastic, and the Linedata representatives always go above and beyond to assist us in resolving any issues we might have.”

For more information, please contact:
Elaine Mullan
Global Marketing Manager - Fund Services
Tel: +44 20 7469 8728