Pension funds, public funds, sovereign wealth funds (SWF), superannuation funds, endowments, and life insurance companies want to move away from spreadsheets and internally developed solutions used for portfolio management and asset allocation but IT complexities coupled with a shortage of expertise are thwarting their attempts to complete their digital transformations. This is according to the… Read More >>
Schroders Taps Xceptor to Manage Aladdin Data Flows
The London-based Schroders deployed the data automation offerings of Xceptor to move much of its key business onto the BlackRock Aladdin investment operations platform and wound up using Xceptor again for processes not involving Aladdin. “Schroders’ strategic aim was to get as much of their business onto Blackrock Aladdin and their core supporting platform,” Josh… Read More >>
DTC & Kingfield Advance Automation for Corporate Actions Claims
The Depository Trust Co. (DTC), a DTCC subsidiary, reports that its automated corporate actions cash claim processing service, ClaimConnect, now links to a claims processing platform from Kingfield Corp., and the link matches claims before they’re sent to the DTC for processing and intraday settlement. ClaimConnect validates, matches, settles, and closes claims in minutes, DTC… Read More >>
Ops Comes Second for Digital Overhauls: Survey
When it comes to deciding which division within a financial services firm should get priority for a digital overhaul, the operations and the sales and marketing groups come second to teams overseeing customer experiences, according to a new survey about next generational technology conducted by Broadridge Financial Solutions. The report, “Fast-tracking digital transformation through next-gen… Read More >>
FINRA Alleges Oppenheimer Misrepresented Cost Basis Data
The Financial Industry Regulatory Authority (FINRA) has fined Oppenheimer & Co. $525,000 on allegations that it “negligently misrepresented” cost basis information for customer account statements and IRS 1099 tax forms and is requiring the firm to bring in a consultant to recommend changes to the procedures, systems, and controls used to track cost basis data…. Read More >>
Are Manual Systems Too Costly for Hedge Funds?
Hedge funds are paying a high price for manual processes and legacy IT infrastructures, according to new analysis from TradingScreen, a provider of software-as-a-service (SaaS) offerings for transaction processing. The research indicates that hedge funds “are absorbing a punishing $8 million annual hit to their assets under management (AUM) due to high levels of manual… Read More >>
Buy Side Using Manual Systems for Regulatory Compliance: Survey
Despite nearly a decade of intense regulatory reforms, many financial services firms appear to have a “high level of dependence on manual processes” for regulatory compliance, according to a new survey from market research and advisory firm Aite Group and governance, risk and compliance services provider Cordium. This reliance makes securities firms more vulnerable to… Read More >>
ICBC Standard Bank to Streamline KYC Ops
London-based financial markets and commodities bank, ICBC Standard Bank, has selected Fenergo, a provider of know your customer (KYC) services, to meet global compliance requirements and to make improvements in operational efficiency, bank and officials say. In February 2015, the Industrial and Commercial Bank of China Ltd. (ICBC) acquired a controlling stake in Standard Bank’s… Read More >>
Asset Managers Forced to Wring More Value Out of Data
Asset managers are facing a challenging dynamic in that they have to deal with ever-greater data flows and are under pressure to make the most of that data. Many asset managers say they are not squeezing value out of their data. In a recent survey conducted by The Economist Intelligence Unit (EIU) and sponsored by… Read More >>
Survey: Many Firms Still Use Manual Systems for Swaps Ops
Despite multiple efforts to automate the processing of complex swaps, nearly half — 44 percent — of asset managers recently surveyed by FinTech vendor SimCorp say that they rely “mostly or completely” on manual processes for the investment lifecycle. In addition, the survey find that more than 50 percent say that they still need manual… Read More >>