Charles River Development, Northfield, Finastra and R3 also have FinTech news.
Broadridge, Summit to Integrate Offerings
Broadridge Financial Solutions recently announced that it has acquired Summit Financial Disclosure, a financial document management solutions provider in an effort to provide an end-to-end service.
The acquisition will lead to the integration of Summit’s document composition and regulatory filing services with Broadridge’s proxy voting and shareholder communications services, officials say. The integrated product line will encompass the “entire corporate disclosure lifecycle from private funding, through capital markets transactions and ongoing communications to regulators and shareholders,” officials add. Broadridge offers corporate issuer solutions such as proxy voting, transfer agency, data, print, omni-channel delivery and annual meeting services.
“This previously unavailable, efficient, single-source model will better serve our clients by streamlining the disclosure and communications process, eliminating redundancies, increasing speed and reducing costs for corporations,” says Robert Schifellite, Broadridge’s corporate senior vice president and president, investor communication solutions, in a prepared statement.
Founded in 2013, Summit acquired EDGARfilings from Thomson Reuters in 2014, officials say. Summit’s capabilities for clients include the “preparation, filing and dissemination of offering documents and related materials for capital markets transactions and merger and acquisition transactions.” The company’s compliance offerings include SEC EDGAR preparation and filing for regulatory and shareholder communications. The company offer it solutions as managed services, self-service software or hybrid approaches, officials say.
Charles River and Northfield Formalize Partnership
Charles River Development reports that it has formalized its partnership with Northfield Information Services Inc. and will integrate Northfield’s portfolio optimizer and suite of cross-asset factor models in the Charles River Investment Management Solution (Charles River IMS).
The agreement specifies that Charles River clients will have access to all of Northfield’s factor models including equity, REIT, private equity, multi-asset models and others, officials say.
Charles River’s portfolio management, risk and attribution capabilities combined with Northfield’s factor models “help firms identify, measure and reduce risk across asset classes, and gain a consistent view of performance and risk,” officials say. In addition, Northfield’s models support absolute and relative return strategies and cover all traded securities and illiquid assets globally. The Northfield Portfolio Optimizer facilitates the creation of portfolios that “deliver more return for each level of risk, while incorporating each manager’s preferences and investment style,” officials say.
Charles River clients can also add third-party factor models, analytics, and data sources to support mixes of investment products and strategies.
Northfield offers “open, analytical models to identify, measure and control risk,” officials say. The risk models cover marketable securities traded world-wide.
Finastra, Top Banks Push Online Hub for Syndicated Loans
Finastra, created this year via the merger of Misys and D+H, and major banks have decided to work on an online marketplace to “drive transparency and efficiency in the syndicated loan market,” officials say.
BNP Paribas, BNY Mellon, HSBC, ING and State Street have joined the effort.
The marketplace will be supported by the distributed ledger technology (DLT) platform Corda from vendor R3 and the services of Fusion LenderComm from Finastra.
The Fusion LenderComm offering “exposes real-time credit agreements, accrual balances, position information and detailed transaction data to lenders, directly from agent bank loan servicing platforms such as Finastra’s Fusion Banking Loan IQ,” officials say.
“The sheer amount of manual effort that goes into information exchange in this market means that quickly accessing deal data, providing transparency into accruals, interest rates and fees, is a real challenge. DLT enables lenders to see a personalized view of positons across agent banks and reduces the operational risk involved in managing multiple participations,” says Ian Morris, head of product management – corporate and syndicated lending at Finastra, in a statement.
The online hub is intended to “slash the operational cost and burden of agent to lender administration and deliver self-service capabilities to lenders, providing accurate information on demand to optimize loan portfolios,” officials say. Real-time data has already been exchanged among agents and lenders in the pilot phase.
In fact, the Fusion LenderComm pilot phase “enabled agent banks to publish loan data to the DLT platform, to extend these self-service capabilities to lenders,” officials say. “Through their own portal, agents can define and then publish lender-specific deal position data to Fusion LenderComm, so individual lenders can drill down into the data without needing to query positions on the phone or via email, as is typical today.”