IFIC has launched a new cloud-based data collection and reporting platform for investment fund sales, assets and fund attributes.

The Fund Reporting and Intelligence System (FRITS) provides industry totals, including fund-level assets and detailed sales information across multiple sales metrics. Detailed data is collected directly from member firms that represent approximately 80% of mutual fund assets and 90% of ETF assets.

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“FRITS is the largest investment fund data-sharing system in Canada, making it a key source of industry market intelligence,” said Paul C. Bourque, IFIC president and CEO, in a release. “Our enhanced platform will both accelerate IFIC’s reporting capabilities and provide our members with the information and analysis capability they need to operate effectively in a rapidly-changing market environment.”

User benefits include a streamlined data uploading process with improved turnaround time in releasing monthly data, the ability to remove double-counting, easy export of reports and large volumes of raw data, and a searchable database of fund attributes, the release said.

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The platform will replace IFIC’s current legacy data system. Additional enhancements planned for 2018 include the addition of fund series sales and fee information, expanded ETF coverage and the introduction of segregated and alternative fund coverage.

The platform is available at no additional cost for IFIC fund managers who contribute data.