Here are some recent technology-based developments in the fund management industry, including Generali Investments, which has been getting a grip on oversight of its outsourcing, and JO Hambro consolidating the regulatory reporting for multiple regulations.
GENERALI INVESTMENTS USES SYSTEM FOR OVERSIGHT OF OUTSOURCER
Generali Investments, one of Italy’s largest asset managers, selected Milestone Group, a managed technology provider, for its pControl Oversight solution. The system supports outsourced fund administration models by providing oversight of activities such as net asset value production by the external administrator.
Generali Investments aims to standardise and automate the oversight of its outsourced administration, which is consolidated with one provider, across its European centres of Luxembourg, France, Germany and Italy.
Asset managers are recognising that oversight of outsourced partners is a “key daily operational activity”, Milestone said.
JO HAMBRO TACKLES PRIIPS DATA CHALLENGE
JO Hambro Capital Management (JOHCM) appointed Silverfinch, a data management firm, to “address the steep rise in regulatory reporting requirements the firm is facing”.
Silverfinch recently launched a “four-in-one” data solution for four regulations, including the Packaged retail and insurance-based investment products (Priips) directive.
JOHCM fhas appointed Silverfinch to provide this streamlined approach to dealing with Priips, ‘VAG’, ‘GroMiKV’ and Solvency II regulations.
WEALTHIFY SELECTS AML PROVIDER
An emerging ‘robo-adviser’, Wealthify based in Wales, selected LexisNexis Risk Solutions to speed up customer onboarding and reducing costs for anti-money laundering AML compliance.
Wealthify says it has new customers who sign up online to start investig within ten minutes, compared to 48 hours for traditional wealth firms. However, its AML “compliance obligations remain stringent”
The LexisNexis technology is used to to verify identities, validate bank accounts and screen clients against global sanctions lists.
Lexis Nexis says Wealthify has been able to operate its compliance team with one member of staff, “rather than the five members of staff that it would take using more traditional, manual compliance checks”.
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