Accurate fund data is no longer optional
Historically asset management firms made do with spreadsheets and cobbled together bespoke systems to store static fund data.
With significant and pressing reporting standards such as MiFID II and PRIIPs placing greater regulatory demands on organisations, the accuracy of fund data is paramount and it can no longer be treated as a second class citizen.
What is fund data?
Fund data is classified as either dynamic or static.
Dynamic data includes daily or regularly updated pricing, distribution and tax information.
Static data is typically related to the set-up and nature of the fund, legal information, naming and identification information, manager’s name, fee levels and so on.
Common fund data problems
Legacy issues and technical debt
It can seem like a good idea to build software solutions to solve problems such as fund data management in-house.
However, the mid to long term downside can be immense. Fund data management systems built on outdated technology by people who have since departed the organisation are an IT managers worst nightmare. Often documentation on these systems is lacking, and the maintenance of the system quickly becomes a toxic problem. This is often compounded by the fact that developer resources are always tied up on other more pressing projects.
Regardless of where it is stored, nobody trusts the accuracy of the data. If the data cannot be trusted, it cannot be distributed with the authority it deserves. This becomes problematic when the possibility of incorrect data appearing on a Factsheet or KIID arrises.
Data silos and lack of integration
If a department decides to proactively take control of their fund data, they tend to focus solely on just data they own rather than taking a more holistic view. This creates data silos that work independently from the rest of the business, which cannot be integrated with other departments nor easily distributed externally.
Non-existent audit trail
Most in-house data software solutions do not have a comprehensive audit trail. Any data inaccuracies are impossible to trace back to a root cause.
Lack of push notifications
In-house systems, spreadsheets and other suboptimal solutions rely on the diligence of individuals to routinely check and update data. A more robust solution such as Fundipedia pushes notifications out to individuals who need to be advised of pending change requests and approved data changes in real-time.
Getting to grips with data
Fundipedia is comprised of three core components, designed to assist organisations in the full lifecycle of their data management.
Fundipedia’s ETL (Extract, Transforms and Load) tools assist in the capture of data from departments in whichever format they currently exist. The ETL tool intelligently applies validation, cleansing the data and ensuring that only accurate properly formatted data enters Fundipedia.
Store and maintain
Fully customisable workflows give organisations complete control of the process through which data is updated. Intelligent “four eyes” checks ensure that inaccurate data is a thing of the past.
With all the data captured and accurately maintained, the automation of distribution is now possible. Fundipedia automatically converts data to the format required and at a pre-defined frequency or on event trigger will share data with third parties.
Distribution is, like all other aspects of Fundipedia, completely customisable and a full featured API gives Fundipedia customers a flexible platform upon which to move data effortlessly up and downstream.
What are the business benefits of organising and maintaining fund data?
Getting your fund and associated data in to shape not only keeps your organisation compliant with regulators, it also makes a positive impact on your profitability.
- Product information accurate and readily available for consumption across the
relevant business areas. Fundipedia is one source of fund data for all other
- A reduction of 14 days man-effort per month (average) across impacted teams
associated with the collation and distribution of fund information to external
partners and regulators.
- Launch new products to market faster through being able to furnish distributors
with updated fund information as soon as it’s in Fundipedia.
- An improvement in the quality and timeliness of changes to the product base is
reflected across all external platforms such as Morningstar.
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The powerful solution for managing mutual fund master data.
Here’s what the clients say.
“We’ve been using Fundipedia at Investec for over ten years to store, organise and share static fund data both internally and with key third parties. It has become an integral part of our systems infrastructure. It is popular with users due to its straightforward, well designed functionality.”