LONDON, 1 October 2026.
Investment managers are facing rising demands on regulatory reporting and cost calculation, with the same fund’s costs now calculated and disclosed for PRIIPs KIDs, MiFID II ex-ante and ex-post disclosures, the UK’s new Consumer Composite Investments (CCI) product summary and industry templates such as the CTI and DCPT, and the methods do not always agree. To meet that demand, Kurtosys has appointed Elisa Icardi as Senior Product Manager for Regulatory Reporting and Data Dissemination, based in its Luxembourg office. She leads the product work that turns structured fund data into governed regulatory and investor outputs, produced and maintained from a single platform.
Icardi joins from Clearstream, part of Deutsche Börse Group, where she was product owner for the cost calculation applications. She built those applications, led the migration of client data onto the new platform, and formed and ran the operations team behind the cost calculation service. Before Clearstream she worked in technology consulting at EY, delivering regulatory reporting and cost calculations for investment managers across PRIIPs, MiFID II, UCITS disclosures and factsheets.
“I have spent my career building the systems that produce regulatory and cost reporting, and what excites me about Kurtosys is doing it at scale from one platform, with AI taking on the manual work and people keeping control of what goes out,” said Elisa Icardi. “The timing matters. From next June, a CCI product summary and a PRIIPs KID for the same fund will show different costs, and both have to be right. That only works when every figure comes from the same data. Being based in Luxembourg keeps me close to the fund industry and to clients, and I get to work day to day with the teams in the UK, the US and Cape Town.”
Icardi’s remit covers regulatory reporting and cost calculation, from ongoing charges to transaction costs, alongside investor reporting. She plays a central role in developing the product so that every output, regulatory or investor-facing, draws on the same governed fund data from the Kurtosys platform, which keeps that data accurate whatever format it ends up in. Her remit also covers data dissemination, a developing capability that extends the same single source to the distributors and third-party platforms where fund data has to appear accurately.
The regulatory calendar is crowded. The FCA’s CCI regime becomes mandatory on 8 June 2027, replacing the PRIIPs KID and the UCITS KIID for funds sold to UK retail investors. It moves firms away from rigid, prescribed templates towards a more flexible product summary, which puts more onus on getting the underlying numbers and content right rather than filling in a fixed form. The layout is freer, but the risk, cost and performance figures are still calculated to prescribed methods. Those numbers also travel further than the document itself: distributors can bring the headline cost and risk figures into their own sales journeys, drawing on machine-readable data that manufacturers must now supply. Cost calculation shows how quickly the rules are diverging. The CCI counts only explicit transaction costs, while the PRIIPs KID and the DCPT used for UK pension schemes still measure them through slippage, and MiFID II ex-ante and ex-post figures and the CTI add further views of the same costs.
In the EU, enhanced supervisory reporting under AIFMD II applies from 16 April 2027, with the detailed standards still being finalised, and the same reform introduces harmonised supervisory reporting for UCITS for the first time. More and more, the same underlying fund data has to serve several regimes at once and be correct in every document it reaches, because an error that lands in front of an investor or a regulator carries compliance and relationship risk well beyond the cost of the report itself.
“Regulatory reporting and cost calculation keep getting harder for our clients, and it is exactly the kind of problem we exist to take off their desks,” said Lee Godfrey, Chief Executive Officer of Kurtosys. “Elisa has built and run these services in practice, for the firms that have to get them right. That is the experience this product needs, and it is why we are glad to have her leading it.”
