Once a parent account has been set up in Class, all the managed accounts and underlying holding accounts will be automatically created when the Macquarie data feed runs, Class said.

Class acting chief executive Glenn Day said that the new solution delivers full data visibility across all managed accounts, removing the need to manually enter data to represent the valuation of the managed account.

“It will deliver significant time savings to accountants and administrators who have previously had to process the data manually,” Mr Day said.

“We’ve worked closely with Macquarie to develop and deliver this automated solution, and look forward to working with other providers as we build out our managed accounts support.”