- Performance measurement at Newton taken a step beyond 'holy grail' of daily stock-level attribution by improving the usability of attribution data.
- Performance attribution capabilities of selected Eagle PACE greatly enhanced in conjunction with Citisoft to provide enriched data and clear reporting for Newton's asset managers.
10 August 2001 - London - Citisoft, the specialist investment management consultancy, has today announced the successful completion of an innovative performance management project at Newton Investment Management Ltd. in London.
Newton has gone live with a performance environment that not only provides daily stock-level attribution but also enables enterprise-wide data management and clear reporting, ensuring exceptional accountability on the part of Newton's asset managers. Citisoft has supported Newton through RFP development, system selection and implementation.
System selection was driven by Newton's distinctive investment style and the need to centralise performance and attribution analysis across the business. As global thematic specialists with over 9,000 institutional, retail and private clients, Newton felt that many performance systems available could not meet their requirements but were impressed by Eagle Investment Systems' desire to enhance web-based securities data hub and portfolio management solution PACE.
Citisoft translated Newton's performance needs into software specifications and worked in partnership with Eagle through the development of GIPS performance and improved attribution capability.
Howard Mannion, Citisoft Project Manager, explains: "The selection of a data hub system for performance and attribution may be unconventional, but it has worked well for Newton. We have been able to take advantage of the data management capability of PACE to achieve Newton's goal of data enrichment. Daily stock level attribution is thought of as the holy grail, but Newton felt that having the data was not enough in itself - fund managers needed to be able to identify the important figures and create reports easily too."
"Newton and Citisoft have worked closely with Eagle to achieve high quality reporting based on the data management functionality which is integral to PACE, thus improving the accountability of Newton's managers. This would have been much harder with conventional performance measurement systems."
Mark Smith, Vice President and Global Head of Performance Measurement at Newton's parent company Mellon Global Investments agrees: "This approach has meant we are able to take the next step in attribution by improving the usability of the data and risk analysis. The success of this project is evidenced by the fact that we are looking to use PACE as a global analysis and delivery platform for Mellon Global Investments, and linking this to Mellon's fund management subsidiaries. Citisoft's contribution at each stage through RFP, selection and implementation has been vital. They have provided proven expertise in performance measurement and attribution and highly efficient project management. Newton now enjoys a uniquely strong performance measurement environment."
Simon Rose, Director of European Operations at Eagle, comments: "Eagle was pleased to be given the opportunity to enhance the performance capabilities of PACE in conjunction with a global leader in fund management and a consultancy with unrivalled experience in this area. PACE offers asset managers first class performance measurement and attribution as an integral part of its web-based securities data hub and portfolio management solution. Citisoft's participation in this project has been a key driver in the successful delivery of Newton's
requirements through the PACE product."