- Raw Knowledge appointed to supply comprehensive Excess Reportable Income (ERI) data to £11bn AUM fund services platform.
- Deal gives Tutman Fund Solutions Limited (TFSL) 100% ERI data coverage of its fund range.
- Popularity of offshore funds is rising in the UK, yet only half of retail investment platforms provide adequate data to help investors report ERI liabilities.
PRESS RELEASE
London, August 2026: Raw Knowledge, the data management solutions and specialist financial data provider, has signed a contract with Tutman Fund Solutions Limited (TFSL), part of the Thesis Group, to supply comprehensive Excess Reportable Income (ERI) data across its £11bn fund range.
Under the agreement, Raw Knowledge will provide complete coverage of TFSL’s asset range, ensuring the fund services platform has access to accurate and structured ERI data to support its wealth manager and institutional investor clients. TFSL oversees 150 funds, providing the underlying corporate governance and independent regulatory frameworks for around 45 external wealth managers across a broad range of UK-domiciled retail and private investment structures.
The partnership comes as accurate ERI reporting becomes an increasingly pressing issue for the wealth and fund management industry. This is due to the growth in popularity of offshore funds which can trigger ERI reporting requirements when held within general investment accounts. At the same time, the rising popularity of model portfolio services (MPS), many of which include offshore funds, is exacerbating the issue.
Recent research from Raw Knowledge found that while 93% of investment platforms offer access to offshore funds, only 55% provide adequate data to help advisers and their clients correctly identify and report ERI liabilities. This gap in support can leave investors exposed to significant HMRC penalties, which can reach up to 200% of the tax due on undeclared overseas income, at a time when HMRC is intensifying its scrutiny of offshore holdings.
The appointment builds on Raw Knowledge’s position as a leading provider of ERI data which the business has been sourcing, processing and delivering since the start of the offshore reporting funds regime.
Preya Patel, Managing Director at Raw Knowledge, said: “ERI data remains notoriously fragmented and difficult to source, yet the consequences of getting it wrong can be costly for investors and time consuming for the firms who support them with reporting. We’re delighted that TFSL has chosen Raw Knowledge to provide complete coverage of its asset universe, giving its administration teams and clients confidence in the accuracy of their ERI reporting. As offshore exposure continues to grow through vehicles like MPS, providing support like this is becoming increasingly important.”
Jenny Shanley, Director of Fund Administration at TFSL, said: “With a clear focus on data quality, TFSL has partnered with Raw Knowledge for the supply of comprehensive Excess Reportable Income data. We believe this move will help strengthen TFSL’s ability to deliver accurate financial reporting to its clients and auditors. The collaboration also aligns with TFSL’s strategic aim of continued new business growth and increased funds under management.”
ERI is income earned by an offshore fund that is not distributed to investors but is instead retained within the fund. When these funds are held in general investment accounts, investors may still be liable for tax on that income despite not directly receiving it. However, knowing the correct amount of tax due can be a challenge as ERI information is often incredibly difficult to source and interpret, with no centralised reporting requirements for investment funds.
ENDS
Notes to editors
For more information, contact:
Nicola Cannings, PR Director, the lang cat
About Raw Knowledge
Raw Knowledge is a data management solutions and specialist financial data provider under the Industrial Thought group of companies.
Its Managed Smart Data solution helps financial institutions make better, data-driven decisions and streamline their operations by creating a traceable and harmonised view of their disparate data sources. Raw Knowledge also provides complete, verified and structured excess reportable income (ERI) data to help wealth managers and their clients accurately report on offshore investments.
About TFSL
Tutman Fund Solutions Limited (TFSL) is an independent Authorised Corporate Director with a rapidly expanding fund services platform that provides fund administration, corporate service and transfer agency services to institutional investors, wealth managers, and family offices.
