i-P-A News. Issue 40:
Some of the latest asset management market news from our sponsors around the globe.
Eagle Investment Systems LLC, a BNY Mellon company, has been selected by American Family Insurance to provide the technological underpinning of the company’s front- and middle-office transformation initiative. The comprehensive solution will provide a centralized platform that integrates, stores and enriches investment data from various systems and external sources. This will help drive efficiencies throughout American Family Insurance and facilitate enhanced decision-making in the front-office.
American Family Insurance was looking to leverage one comprehensive technology solution that couples data centricity with an open and scalable architecture. Eagle Data Management accommodates a complex book of assets and operates seamlessly with various other third-party platforms. Eagle Performance, meanwhile, provides aggregated performance calculations and views to help inform investment decisions and aid investment reporting. This solution is deployed over Eagle ACCESS(SM), Eagle’s secure private cloud.
Madison, Wisconsin based American Family Insurance is the USA's 13th-largest property/casualty insurance group and has assets of $21.5 billion. Beyond equities and fixed income, the company manages assets ranging from private equity and private real estate to mortgage-backed securities and collateralized loan obligation vehicles, among other structured products.
RIMES adds two significant enhancements to its Managed Data Service to provide support for the data management professional as well as the data users in the front-and-middle office.
RIMES, the leading provider of managed data services for the buy-side, announced the addition of two new features the RIMES Managed Data Service (MDS). The additions come in the form of two workstations named the Managed Feeds Workstation and the Benchmark Analytics Workstation – to support operations professionals, as well as benchmark users in the front- and middle-office.
RIMES MDS is a fully managed data service delivered by experts in all aspects of data management and governance, allowing for investment managers to focus more on managing their investment strategies rather than spending time and resources on managing the data itself. With the addition of the two workstations, RIMES’ focus is to ensure adaptability to the changing needs of the buy-side industry, namely:
Increased demands for improved data governance: The increased focus from the board level in the industry highlights that effective data management is essential to achieving high-level corporate and strategic objectives. According to a recent Forrester study commissioned by RIMES on the state of data management of 100 buy-side firms, 80% of buy-side data users and data operations professionals said their key priority was to leverage data management to improve business planning.
Increased regulatory oversight of the asset management industry: There are increased demands for more transparency from regulators on what data asset managers are using, where it comes from, and how it is treated and manipulated. For example, the EU Council has adopted new Benchmark Regulation to be enforced in 2017, which will set EU standard to combat the manipulation of financial benchmarks.
RIMES Managed Feeds Workstation
With the RIMES Managed Feeds Workstation, operations professionals and data users are able to analyze and manage summarized and detailed feed and benchmark inventory data, as well as service-related information, to support a firm’s data governance processes.
Key benefits of the workstation include:
- Efficient means to track all RIMES sourced benchmark data feeds, freeing up resources and systems
- Data governance facilitation with instant access to provenance and lineage reports covering data from source to the point of use
- A simple means to demonstrate to benchmark data providers and regulators what data is being received and how it is being used.
RIMES Benchmark Analytics Workstation
The RIMES Benchmark Analytics Workstation aims to support the front- and middle-office (e.g. performance, risk and compliance), by providing insight into any changes within a specific benchmark. The tool highlights key attributes of a benchmark such as joiners and leavers of a specific index, showcasing the potential impact of any changes to the index.
This will allow front and middle office staff to provide the best value to their clients by enhancing their investment analysis and processes by providing greater visibility into the data.
Steve Cheng, Global Head of Data Management Solutions, RIMES says, “There is no dispute that managing data causes major operational headaches and if not managed properly can result in inaccurate information for the investment manager, and ultimately business losses. At RIMES, we are focused on enhancing our technology to provide the tools that mitigate these risks for our clients in a way that is intuitive, provides increased transparency and is easy to use.”
RIMES MDS services over 300 clients across the globe, including 60% of the top asset managers and 9 out of the top 10 asset servicers. The RIMES workstations will be available to RIMES users and demos of the system are available.
Asset management professionals continue to prioritize back-office automation and managing increased regulatory reporting, according to the 2016 Asset Management Industry Trends Survey released by Confluence, a global leader in investment data management automation for regulatory, financial and investor reporting.
According to the survey, the majority of asset management industry professionals (61%) cited automating back-office processes as an important goal over the next two years. Back-office automation has remained the top priority in each of the four industry surveys that Confluence has conducted since 2008. Managing increased regulatory reporting requirements simultaneously (47%) and centralizing fund data (44%) were the second- and third-most cited goals in this year’s survey.
Nearly all respondents reported being concerned about manual processes and spreadsheets affecting the ability to control errors (91%) and the ability to control costs (81%). Yet, respondents reported that manual processes persist across the back office. Across six core back-office regulatory and investor reporting functions, the majority of respondents reported that at least a portion of the process was being managed manually.
This year’s survey also revealed that the industry is increasingly focused on centralizing fund data. Nearly three-quarters of respondents (71%) said that it is important to consolidate fund data into a common database, up from 50 percent in 2008, when we first asked the question. Over two-thirds (69%) of respondents this year said their firm had begun to centralize fund data into one database, up from 50 percent in 2008. Respondents said data consolidation is extremely important in helping to meet increased regulatory reporting demands (31%), minimize reporting errors (42%) and improve data accuracy and consistency (43%).
Fragmented technology across the back office continues to be persistent, with nearly three-quarters (74%) of respondents this year saying their firm still depends on multiple, disparate back-office systems. Nearly half (48%) of respondents said that consolidating third-party solutions would benefit their firm, and 57 percent said consolidation would help to streamline regulatory and investor reporting processes.
“Relying on multiple single-point solutions is especially problematic when it comes to regulatory reporting,” said Todd Moyer, Executive Vice President, Global Business Development at Confluence. “It is inefficient, introduces the risk of error and makes process automation more challenging. As regulatory reporting pressures increase, data consolidation and process automation will become more important. It is imperative that the industry collectively begins to take more significant steps in realizing their goal of automation now.”
Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, announced that the company was again recognized among the leading global providers of technology and software to financial institutions in the latest IDC Financial Insights (FI) FinTech Rankings.
This year, Eagle moved up to #69 on the list, representing the 13th year in a row that the company has been included in the ranking. IDC, a market intelligence and advisory firm, ranks hardware, software and services vendors based on the percentage of revenues attributable to financial services clients. The ranking is based on year-end revenues for the 2015 calendar year. In order to be included, vendors must derive more than one-third of their revenues from financial institutions.
“It’s an honor to once again be recognized by IDC as one of the leading technology providers in the industry,” said Mal Cullen, Chief Executive Officer of Eagle Investment Systems. “Our growth is premised on the success of the institutions we serve through an integrated, scalable and fully-supported product and service offering. This is underpinned by a commitment to R&D and innovation that helps global investment managers stay ahead of their evolving needs and ultimately allows the world’s largest financial institutions to become more effective, more efficient and more competitive across their operations.”
Eagle’s inclusion in the IDC listing closely follows the WatersTechnology rankings in which the company was recognized as the “Best Enterprise Data Management Systems Provider” as voted for by end users. Also this year, Eagle was named the “Best Enterprise Data Management Solution” and “Best Performance Measurement and Attribution System” by FTF News as part of the publication’s Technology and Innovation Awards 2016. In the past 12 months, Eagle has also been named “Best Fund Accounting and Data Platform” by Data Management Review.
Andra AP-fonden, AP2, one of five buffer funds within the Swedish pension system , recently decided to license and implement the performance attribution system (PEARL) from Ortec Finance.
The decision follows an extensive tender process that was initiated in 2015 seeking a suitable solution to deepen AP2’s understanding of where their active return originates. AP2 looked for a reliable and user-friendly system that can handle large amounts of data in a time-efficient manner. An important requirement was the system’s capability to provide multi-asset, multi-currency attributions that should fit well with AP2’s portfolio structure, system infrastructure and overall investment strategy.
The goal is to have the PEARL system in production by the end of the year. PEARL will be used as an analysis and reporting tool in both the absolute and relative universe. Attributions on the entire portfolio, including both an asset and a currency overlay,as well as on individual portfolios and asset classes will be conducted.
Elske van de Burgt, Head of Investment Performance at Ortec Finance, is delighted that AP2 has chosen for Ortec Finance. “Weare very proud that such a reputable and prominent pension fund has joined our growing clientele. It again proves that our PEARL solution is capable of handling complex investment structures commonly in place at large institutional investors. With our solution we are able to support investors in their day-to-day management by providing full insight in their positions and the consequences of their decisions. Over the last years we have been very successful in expanding our business in Europe and North America. We are confident that we can combine our growth with our high service level that clients continue to appreciate.”
Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, announced that the company was named Best Enterprise Data Management (EDM) Systems Provider as part of WatersTechnology’s exclusive Waters Rankings 2016 awards.
The Waters Rankings are determined by surveying end users from banks, asset management firms, hedge funds, brokerages, mutual funds, and asset owners such as pensions, as well as other financial services firms. The awards program, now in its 14th year, held voting until the first week of June to select winners from over 400 entries. Eagle was presented with the award at a July 14 ceremony in New York City.
Eagle’s selection as the Best Enterprise Data Management Systems Provider reinforces the value proposition available to clients through Eagle’s data-centric platform: A proven and dynamic solution, with a comprehensive and scalable architecture, enabling access to validated, timely and enriched investment data. Eagle’s EDM solution helps to provide exception-based workflows that facilitate the management of high quality data that can lead to improved efficiency and performance in the middle- and back-office, while supporting decision-making in the front office.
Importantly, our commitment to innovation ensures that our enterprise data management solution continues to evolve with the market, keeping clients in control of their data to enable growth and help manage risk.
“We’re truly honored to be selected by the readership of WatersTechnology for this prominent award,” commented Mal Cullen, Eagle CEO. “The past 12 months have represented a landmark year for our EDM platform, as reflected by several key client wins. We’ve also introduced various new innovations, such as Eagle’s Reference Data Center, enhancements to API functionality, and an expanded ecosystem through the integration of best-of-breed third-party applications.”
This latest recognition represents just the latest honor for Eagle and its innovative solutions. In April, Eagle won Best Enterprise Data Management Solution and Best Performance Measurement and Attribution System as part of FTF News’ Technology Innovation Awards 2016, and in November of 2015, Data Management Review named Eagle “Best Fund Accounting and Data Platform”. Eagle was also recognized in 2015 among the top fintech companies worldwide in separate rankings compiled by American Banker, financial services intelligence firm BAI, and IDC Financial Insights.
RIMES Technologies, the leading provider of managed data services for the buy-side, has recently been awarded at the 2016 Alternative Investment Awards for its “Excellence in Managed Data Services” and “Best Buy-Side Data Provider of the Year” at the 2016 Global Fund Awards, the former for the second consecutive year.
Alessandro Ferrari, EVP Global Marketing, RIMES Technologies, said that recognition from industry peers was especially rewarding: “These awards involve many of our clients and partners sharing their impressions and experiences, and we are genuinely delighted to see a second consecutive award in the managed data service category”.
The RIMES Managed Data Service (MDS) is a fully managed service delivered by experts in all aspects of data management and governance. It includes the RIMES Benchmark Data Service®; the RIMES Reference Data Service; and the RIMES Data Governance Service.
So far in 2016, RIMES has won these awards: “Best Managed Service for Reference Data” at the Inside Reference Data Awards 2016; “Best Data Management Solution” at the Wall Street Letter Awards 2016 – second consecutive year; and “Best Operational Data Provider” at the FTF News Technology Innovation Awards 2016