PRIIP KIDs are a go: what happens now?
At last, it's happening. Two years since consultations started — and over three years since the PRIIP regulation came into force — the European Commission has agreed a final version of the PRIIP key information document (KID). The asset management industry was never keen on the PRIIP KID requirements. And, given that it now has less than a year to make sense of a delegated act and 46 pages' worth of amendments to complex technical standards, it's safe to say not many people will change their minds. That said, regardless of your views on the matter, the new rules are coming into force from 1 July 2022. [...]
Deloitte Luxembourg and Fundipedia to provide joint data management solutions to asset managers
Date: 21st October 2021 Fundipedia is pleased to announce that they have entered into a strategic collaboration with Deloitte Luxembourg. As of September 2021, Fundipedia’s data management platform has been integrated into Deloitte Luxembourg’s portfolio for their clients to complement its existing range of advisory, consulting and integration services. This collaboration is the latest addition to Deloitte Luxembourg’s successful ManCoTech initiative, launched in April 2021. Deloitte Luxembourg’s ManCoTech initiative creates a scalable, operational framework via the delivery of a range of modern and innovative technologies to its clients, utilising technology to alleviate mounting regulatory pressure and growing challenges. Fundipedia, who provides fund data management software and consultancy [...]
11 Key Capabilities to look for when considering an Automated Reconciliation Solution
Reconciling data manually is, more often than not, a good choice for firms just starting out. It requires minimal initial setup, almost no cost, and no development projects to implement. However, as the organisation grows, so too does the risk of errors. As data increases in volume and complexity, firms quickly realise that their lack of governance and audit trail, two of the foremost limitations of manual data reconciliation, become a real issue and risk to their business. This is also the point at which macros start to become increasingly complex. This is a precarious point for firms that, as a result, can end up with a [...]
Is SFDR simply recoloring old businesses with new names?
At the beginning of August 2021, the United Nations Intergovernmental Panel on Climate Change released a milestone assessment that drew an “unequivocal” link between human activity and global warming. The Secretary-General of the UN made it clear that the conclusions of the report mean one thing...“code red for humanity.” Meanwhile, money managers are “flooded with cash” chasing ethical causes. According to Bloomberg Intelligence, in just four years the global market for ESG investing is set to exceed $50 trillion - more than 1/3 of global AUM. The question is how much of this is simply “greenwashing”? In spite of being ahead of the curve when implementing regulations [...]
Release – version 1.4.13
Report enhancements New option to include the report execution date and/or time in a report column output. New 'Is in' and 'Is not in' report filters - this allows reporting across a range of values. Report groups can be defined to store a list of values which can be used with these filters. New administrator reports added All Active Groups and Permissions - Lists all active security groups and the permissions assigned to each. All Active Users In Groups - List of all active users and the security groups they are in. All Active Lookup Values - Lists of all active lookup values for lookup fields. Openfunds ID Fields [...]
What to expect when choosing Fundipedia at the heart of your data ecosystem?
Fundipedia is the only fully data agnostic data management platform for the Asset Management industry. Through intelligent automation and powerful control models, Fundipedia provides firms with complete control of their product data without increasing staff headcount. It connects effortlessly to any system to leverage your data across multiple areas of the business and with 3rd parties. Our data management solution is used by some of the largest companies in the world. We care about the projects we take on and we’re proud of our clients and their achievements. Here is what to expect when working with Fundipedia: The software development process Fundipedia development follows the Agile [...]
What’s behind Fundipedia’s service quality and resilience?
Fundipedia is backed by a team of technology experts, Asset Management industry veterans, and entrepreneurial builders. We’ve been helping the likes of Barclays, Prudential and M&G take control of their data since 2007. Our innovative technology enables the user to disseminate and reconcile any type of data. This results in end-to-end control, as well as insights that drive smart business decisions, inspiring the confidence to meet regulatory requirements with ease. You can learn how Fundipedia employs the latest developments in Artificial Intelligence and Machine Learning >> here. Fundipedia is delivered via a web application built on top of the .NET Framework connecting to a SQL Server database. [...]
5 ways your Asset Management firm will stay ahead of the game with AI and ML
Artificial Intelligence (AI) and Machine learning (ML) may seem both a distant and even scary prospect to some, straight out of a sci-fi movie plot, but in reality they’ve been around in our lives for quite some time now. Think Siri or Cortana, for example. A growing number of financial institutions are applying AI to their businesses via the back office and customer advice interactions to name just a couple. And, according to a report from the last World Economic Forum, 76% of banking CXOs agree that adopting AI will be critical to their organisation’s ability to differentiate in the market. Yet, the Asset Management industry seems [...]
A good run of bad luck: what does asset managers’ 2020 performance tell us about the industry’s future?
It's the year most industries reached never-before-seen lows, the world economy suffered the worst downward spiral since World War II, and things took such a left-field turn 'unprecedented' became the word of the year. Yet, against all odds, asset managers ended 2020 on a high. Despite the turbulent economic climate, total assets under management grew by 10% in Europe and 11% globally compared to 2019. But while this (and other numbers we'll get to in a bit) make it look like the industry is as strong as it's ever been, things aren't as positive as they seem at first glance. Here's what went well and what didn't [...]
The EC just published a finalised version of the PRIIPS KID
Asset Managers can now access a finalised version of the PRIIPS Key Information Document (KID), almost 2 years after the European Supervisory Authorities (ESAs) started consultations on how the PRIIPS KID should be amended. The EC has published a couple of days ago a delegated legal act and a A 46-page annex, amending the regulatory technical standards laid down in the Commission Delegated Regulation (EU) 2017/653. This addresses the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on past performance and the presentation of costs by packaged retail [...]
Fundipedia and the Investment Association collaborate on real-time data service
Fundipedia is happy to announce our latest partnership with the Investment Association (IA). With this collaboration, Fundipedia will seek to foster better relations between the asset management industry and the FCA by allowing asset managers to comply with FCA rules while accelerating the transfer and re-registration of consumer holdings. Towards the end of 2020, the IA developed an upgraded Common ShareClass Register (CSR) that went live in September. It contains listings for over 6,000 individual Funds for 130 retail-facing investment firms. It also displays the commonly available class of Funds made available by its members to assist the class conversion processing of investment platforms and administrators. Fundipedia [...]
4 potential areas of financial regulatory reform to keep an eye on in the UK
In June this year, the UK Government published a report by the Taskforce on Innovation, Growth, and Regulatory Reform to pinpoint potential areas of regulatory reform. The idea behind generating this report was clear; the UK needs to find new ways of refreshing its approach to regulation now that they have left the EU. The UK must take advantage of their newfound regulatory freedom as well as providing support for innovation, and growth. The Taskforce on Innovation, Growth and Regulatory Reform organised dozens of roundtables and meetings with over 125 experts including entrepreneurs, businesses, trade bodies, academics, Think Tanks, and others who shared their insights and ideas. [...]
The case for inter-organisational data ecosystems for asset managers
Sharing research, product information, and other data with your competitors probably isn't the first thing you'd think of when looking for ways to grow your business, work more efficiently, and manage risk better. If anything, it would be last on your list. Or not on your list at all. Why share potentially sensitive information with firms that are vying for the same customers you are? But while it sounds counterintuitive, this approach can deliver huge dividends for everyone. When firms organise, share, and manage data together, they can create value — for both themselves and their customers — that goes far beyond what they could ever achieve [...]
How to take the pain out of third party reporting
You'd think standardisation would make reporting easier. But the EMT, EPT, and all the other regulatory reporting requirements you have to contend with as an asset manager have led to the complete opposite. If anything, putting reports together in the correct format is becoming increasingly challenging. And it's primarily down to the way data is gathered, managed, and stored The good news is that it doesn't have to be like this. With the right technology in place, you can create complete, accurate, and compliant reports quickly, without the attendant frustration. Here's how. Out of control Complying with reporting requirements is challenging to begin with. But, to make [...]
Document generation is broken, but there’s a fix
How much of their time do your staff spend on document generation? Hours? Days? Perhaps a week a month or more? While you might not know the exact figures, we're willing to bet it adds up to a significant chunk of their work week. From prospectuses, KIIDs, and factsheets, to regulatory filings and internal reports, asset managers are faced with an ever growing list of documents they have to produce on a monthly — if not weekly — basis. The kicker, though, is that most of these documents have to be compiled manually. Which means the process is not only frustratingly inefficient, but also prone to mistakes [...]
A golden source of data is pointless, unless you do this…
If you're an asset manager, having a golden source — a complete, accurate, trustworthy repository of your organisation's data which you can access quickly and easily — is a game-changer. McKinsey reckons investing in technology that organises, analyses, and stores your data in one place can slash asset managers' admin costs and increase revenue by as much as 30%. The problem is that, once it leaves your golden source, your data can change and become inaccurate. And because third parties aren't always regulated, it's your firm that could be on the hook should regulators uncover any issues. Clearly, having your data nice and organised internally isn't enough. [...]
Creating value-aligned partnerships with common goals
By Simon Swords, Managing Director There is no better approach to solving challenges than the famous saying, "two heads are better than one." At Fundipedia, we believe that real progress and big breakthroughs can’t happen in silos. Developing value-aligned partnerships that focus on common goals and complementary strengths is key to ensuring successful outcomes for all. That’s why one of our key strategic priorities is to work collaboratively with partnerships that generate the kind of energy to fuel growth, innovation, creativity and solve business problems. Kurtosys and Fundipedia Engaging with our customers to understand their entire business landscape is fundamental to how we continue to drive innovation and solve complex problems for them. We use regular meetings, quarterly user groups and a range [...]
Staying ahead of technology and regulation with data governance
We are fast approaching a perfect storm in asset management. From our standpoint here at Fundipedia, a data agnostic data management platform used by a range of high-profile firms such as M&G and Barclays, we have a unique perspective on the market and the challenges it faces in the next three to five years. In summary, we expect firms that are ship shape i.e. they already invest in resources, technology and drive their business forward with a clear operational focus and strategic objectives around data governance, will come out ahead. Admittedly this was always the case – but the same COVID-19 outcomes which have accelerated the demise [...]
4 challenges facing the asset management industry
The asset management industry entered 2020 with a great deal of optimism. Sadly, the trials and tribulations of this year will have impacted this perspective. Despite this, the smartest firms will continue to invest in their people and technology and attempt to do better than just trying to keep business as usual ticking over. We are already seeing a marked difference between firms that are struggling to maintain their pre-COVID status quo, and those who have forged ahead to attack the challenges 2020 offers head on. What are the challenges? Here, we will explore the four most pressing challenges facing the asset management industry, and provide specific [...]
Understanding the importance of data quality metrics
When your business invests in an effective enterprise data management (EDM) solution, you will gain a core advantage of holding your critical data in one manageable location. In a time where the vast quantity of data typically found in asset management firms, these systems are becoming more critical than ever. However, to truly harness that data and use it to guide meaningful decisions within your organisation, you need a clear idea of its quality. Poor data quality can lead to significant issues if it is used to guide a company's direction. If it is outdated, inaccurate, ambiguous or incomplete, this can subsequently result in wayward strategies, as well [...]
Understanding the value of a business case
Today's businesses are driven by data. The vast amount of data that companies generate and amass on a day-to-day basis is at the heart of unlocking new opportunities, developing their processes and fulfilling their true potential. However, this is typically only true for organisations who have gotten to grips with data governance. It is one thing to create and collect data – it is another thing entirely to truly own, understand and utilise it. Consider your own company for a moment – do you have answers to the following? What does the data we've collected actually mean? Can I trust our data? Where did our data come [...]
The 7 essential steps to building a business case
In my experience, the biggest hurdle to overcome when introducing a new data initiative is found right near the beginning – getting executive buy-in. While data is the driving force behind the development of businesses in many industries, especially within the financial services sector, setting an initiative in motion that's designed to capture, store and govern this information can be a real challenge. That's because any effective data initiative needs to present business-wide benefits, not just be contained to a single department. Without a holistic approach, you risk the rest of your organisation ignoring this new source of data, rendering it ineffective in the grand scheme of [...]
Software Dilemmas – The Buy vs Build Debate
By Simon Swords, Managing Director It's a question that many individuals are confronted with at some point in their career: "Should we buy this software solution, or are we better off building our own?" As the MD of a software company myself, I understand this dilemma very well. When you have the in-house skills and resources to develop your own bespoke solution to a problem, there will be a strong desire to go this route for reasons that include: You won't be required to pay an annual fee to another company for the solution You wouldn't become dependent on the supplier of said solution You will have [...]
Data Quality Challenges: What They are and How to Overcome Them
Data makes the world go around, there’s no doubt about it – and with increasing innovation and automation shaping our day-to-day, it’s possible to collect and store more information than before, making access to data easier than ever. However, ensuring enterprise data quality proves to be a consequential hurdle for many companies, with a lengthy list of reasons causing businesses to struggle with the soundness of their data. For example: Some companies encounter data inconsistencies across different departments. Others find that the raw data that flows into their data supply chain, both internally and externally, poses the very real threat to create data quality issues along with a lack of standardisation. [...]
A good run of bad luck: what does asset managers’ 2020 performance tell us about the industry’s future?
It's the year most industries reached never-before-seen lows, the world economy suffered the worst downward spiral since World War II, and things took such a left-field turn 'unprecedented' became the word of the year. Yet, against all odds, asset managers ended 2020 on a high. Despite the turbulent economic climate, total assets under management grew by 10% in Europe and 11% globally compared to 2019. But while this (and other numbers we'll get to in a bit) make it look like the industry is as strong as it's ever been, things aren't as positive as they seem at first glance. Here's what went well and what didn't [...]
The EC just published a finalised version of the PRIIPS KID
Asset Managers can now access a finalised version of the PRIIPS Key Information Document (KID), almost 2 years after the European Supervisory Authorities (ESAs) started consultations on how the PRIIPS KID should be amended. The EC has published a couple of days ago a delegated legal act and a A 46-page annex, amending the regulatory technical standards laid down in the Commission Delegated Regulation (EU) 2017/653. This addresses the underpinning methodology and presentation of performance scenarios, the presentation of costs and the methodology for the calculation of summary cost indicators, the presentation and content of information on past performance and the presentation of costs by packaged retail [...]
4 potential areas of financial regulatory reform to keep an eye on in the UK
In June this year, the UK Government published a report by the Taskforce on Innovation, Growth, and Regulatory Reform to pinpoint potential areas of regulatory reform. The idea behind generating this report was clear; the UK needs to find new ways of refreshing its approach to regulation now that they have left the EU. The UK must take advantage of their newfound regulatory freedom as well as providing support for innovation, and growth. The Taskforce on Innovation, Growth and Regulatory Reform organised dozens of roundtables and meetings with over 125 experts including entrepreneurs, businesses, trade bodies, academics, Think Tanks, and others who shared their insights and ideas. [...]
Are you certain you’re fully complying with MiFID II?
Asset managers have been living with MiFID II for close to a decade. But while that might seem like it's more than enough time to get to grips with the directive's admittedly complex requirements, it turns out many aren't as compliant as they thought they were. Or, at least, that's what the Financial Conduct Authority discovered, according to the findings of a review they published on 26 February 2021.Here's a look at the FCA's key findings, plus some tips on improving your firm's MiFID II compliance which you can start implementing straight away. What was the scope of the FCA's review?The FCA's review focused on product governance. In other words, [...]
A new EU directive will come into effect in August 2021. Here is what this will mean…
The EU Directive and Regulation, known as the “CBDF package”, or “the EU cross-border distribution of collective investment undertakings legislative package” was officially launched in July 2019. The Directive will impact all UCITS and Alternative Investment Funds (AIFs). It will come into effect on 2nd August 2021. The impetus behind the introduction of this new directive was the discovery, by the European Parliament, that the majority of investment funds were only registered for sale in their local markets. On top of that, only 37% of UCITS funds and 3% of AIFs were registered for distribution in more than three EU member states. The CBDF will seek to [...]
Some UK firms may have to comply with the UK and EU climate-rules in parallel.
After much anticipation, the FCA published its consultation (CP21/17) on climate-related financial disclosures and rules for UK asset managers at the end of June. Objectives include increasing transparency and competition as well as stimulating the flow of capital towards firms that are better managers of climate risks and opportunities. The FCA will ensure that the new requirements are in line with existing UK and international disclosure regimes, but firms operating cross-border in the EU will have to do an additional element of reporting. Who is in-scope of CP21/17 Firms managing investments and giving investment advice Certain life insurers and FCA-regulated pension providers referred to as ‘asset [...]
FCA gave UK non-complying asset managers up to 18 months to meet the reporting standards of their annual fees assessments
At the beginning of the year, the FCA reported that, of the 145 money managers in the UK, almost half failed to disclose their costs associated with individual funds in compliance with the FCA’s criteria. According to the FCA in their early July announcement, firms are still failing to assess whether their fund fees are justified by the value they give to investors. The FCA also points to the fact that some fund managers did not meet reporting standards. The major issue here lay in incomplete assessments, lack of performance details, costs and share classes, as well as a general misunderstanding of relevant fund rules. This report [...]
UK to extend the UCITS exemption by five years
At the beginning of June, HM Treasury confirmed in a press release that UCITS (Undertakings for the Collective Investment in Transferable Securities) funds will continue to be exempt under the UCITS Directive until 31 December 2026. In essence, this means that UCITS funds could still provide key investor information documents (KIIDs), as required by the UCITS Directive. In the EU, the same exemption is set to expire on 31st December 2021. The announcement of a short extension is expected, most probably 6 months. However, HM Treasury is about to review the UK disclosure regime which could lead to changes to the UK PRIIPs Regulation to be introduced [...]
Introducing: The zero-effort way to prepare for SFDR
While sustainable investing isn't a new idea — the first sustainable investment fund, Pax World, launched in 1971 — it has exploded in popularity over the past few years. Investors are rebalancing their portfolios to make them more sustainable in record numbers. But if sustainable investments are better for the planet and more resilient — in 2020, they outperformed traditional investments by an average of 0.9% — their popularity has also turned 'sustainability' into somewhat of a buzzword. As a result, legislators have stepped in to make sure that, when asset managers and other financial market players bill themselves and their products as sustainable, they really [...]
What you need to know about ESMA’s new marketing communication requirements
At the end of May 2021, the European Securities and Markets Authority (ESMA), the EU’s securities regulator, set out the requirements that funds’ marketing communications must fulfill under the Guidelines for the Regulation on cross-border distribution of funds. Here is what you need to know: These guidelines apply to: UCITS management companies, including any UCITS which has not designated a UCITS management company Alternative investment fund managers EuVECA managers EuSEF managers The guidelines affect all marketing communications addressed to: Investors or potential investors for UCITS and AIFs, including when they are set up as EuVECAs, EuSEFs, ELTIFs and MMFs Marketing communications must: Be clearly identifiable as [...]
How ready is the European asset management industry for SFDR and ESG?
The first stage of the European Union’s (EU) Sustainable Finance Disclosure Regulation (SFDR) came into effect on 10th March 2021. Despite its seeming complexity, the initiative has one core objective - to avoid the ‘greenwashing’ of financial market participants. “SFDR sets out rules on transparency and requires FMPs to disclose how they consider sustainability risks in their investment processes and products and how they deal with principal adverse impacts of their investment decisions on sustainability factors, ” ~ Rebecca Macé-Balebs, Senior Associate at Ogier. To accomplish this, asset managers will be required to publish both pre-contractual and disclosure statements on their websites, distinguishing their products into [...]
Fundipedia is recognised on the WealthTech100 list by FinTech Global
We are delighted to announce that Fundipedia has been chosen to be a part of the third annual WEALTHTECH100 list of tech companies transforming the global investment and banking industries. The prestigious list recognises 100 of the world’s most innovative tech solution providers addressing the digital transformation challenges and opportunities faced by asset managers, private banks and financial advisors. "Established banks and investment firms need to be aware of the latest innovations to remain competitive in the current market, which is heavily focused on digital distribution and increased use of customer data, and even more so post Covid-19. The WealthTech100 list helps senior management filter through [...]
ISO 27001 independently recognises Fundipedia’s industry-leading security standards
At Fundipedia, the security of our software, infrastructure and your data is a cornerstone of the services we provide. It’s vital to everything we do. One of the ways in which we deliver a secure product, platform and privacy practices is to implement externally audited standards that ensure trust, control, and mitigate the risk of security breaches. Our completion of the ISO 27001 demonstrates our ongoing commitment to this promise. What is ISO 27001? ISO 27001 is an internationally recognised security standard that provides the specification for an Information Security Management System (ISMS). Based on risk management principles, the ISMS sets out the policies and procedures defined by organisations to keep all the information they hold secure, helps increase resilience to cyber-attacks, and provides a central framework for the management of [...]
Document Management
Did you know that Fundipedia has a secure online centralised repository where you can easily search, retrieve, and share documents? From version 1.4.7 use this feature to store all of your fund related documents including KIIDs, Factsheets, prospectuses and more. The document centre, available from the Fundipedia top menu, is a convenient place view and search all documents, upload documents, revise documents, seek approvals on changes, and see a full audit trail of changes. Documents can be assigned to a specific Fundipedia record (e.g. Fund or Share Class) or standalone. Users can upload up to 100 documents at a time. The following document types are supported: csv, [...]
Change Events
Change events, introduced in Fundipedia version 1.4.6, give users a powerful way to program automatic updates to the information stored in Fundipedia. Field data can be automatically changed based on other field value changes based on the rules you configure. Tell me more So how would this work in a real world example? Let's consider a Share Class Extension field. This field is generally a combination of many different fields with rules depending on whether the share class is hedged. Please note this example is for illustration purposes only. Administrators can add a change event on a field from the field edit screen: To create a change [...]
Release – version 1.4.7
Release - version 1.4.7 Enhancements to document management New centralised document centre You can now upload documents not associated to an object Documents can be versioned via the approval process Enhancements to the Benchmark object This includes new relationship objects between Fund, Share Class and Sub Funds as well as a new object to allow Benchmarks to relate to themselves. Dashboards (beta) Three configured admin dashboards: Approval count Approval turnaround time Fund completeness Allow duplicate relationships Administrators can now configure whether many-to-many relationships can be duplicated via the admin settings. For example, the same fund manager can be added to the same fund record more than once. [...]
Fundipedia API
The need to efficiently share Fund data between people and systems is an issue that faces most asset management businesses today. One way to unlock this challenge is to use an Application Programming Interface (API), which at its most basic acts as a door to your data allowing other systems to interact with it without sharing anymore than it needs. From version 1.4, Fundipedia has a comprehensive set of APIs. The API can be used to extract data on a per object basis, execute a configured report, or retrieve items awaiting approval. You can also post data into Fundipedia. This includes creating and updating records. As well [...]
Release – version 1.4.6
Release - version 1.4.6 Change events Update to the change events system which will allow Fundipedia field data to be automatically changed based on other field value changes and rules you configure. See our change events help articles for more information. Enhancements to variations New combined view and edit all options available on form layouts. An administrator can configure which variation is displayed by default. The order that variations appear can now be changed by a system user. New Country variation extension has been added which appends the country ISO country code to the field name You can now make a variation extension inactive but still report on [...]
Release – version 1.4.5
Release - version 1.4.5 Reporting standards Users now have the ability to give fields extra headers and formats when building reports, e.g. for reporting in openfunds format. See our reporting in different standards blog post for more information. New 7 decimal place data type is now available Single Sign-on authentication with Azure AD Field information tooltip now available via field label click, not hover. This now allows you to copy and paste information from the tooltip.
Data Reporting in Different Standards
Today we are pleased to announce an exciting new feature to Fundipedia; reporting standards. Timely and accurate regulatory reporting is a critical need for any financial institution. With the introduction of consortiums, such as, Openfunds and European Working Group (EWG), asset management reporting has started to become more standardised. However, many financial institutions still struggle to pull this data together. It can often involve time consuming manual processes and a massive burden on resource every month, quarter, and year-end. Incomplete, ambiguous or erroneous fund data can have serious negative consequences for financial institutions. The financial costs of these errors can be substantial. The new Fundipedia reporting standards [...]
Introducing Azure Single Sign-on (SSO)
Today we are excited to announce the launch of Azure Single Sign-on (SSO) with Fundipedia. With the growing rise in cybercrime, security has never been so important. The average person has over 30 logins, all requiring a password—these passwords are often reused, shared or become less and less complex as the number of passwords you need to remember grows. SSO can relieve the stress of password management as well as offering a host of other benefits for end users and IT managers. What is SSO? Single Sign-on (SSO) is a system that enables users to securely authenticate with multiple applications and websites by logging in only once, [...]
Questions?
Get in touch to find out more about how we deliver Fundipedia and to discuss your specific needs.