Credaris Portfolio Management ("Credaris"), an independent investment management platform, today announced that it has chosen Markit Group Limited ("Markit"), the leading industry source for independent pricing and asset valuations, for its credit data services.
Credaris, which has € 1.3 billion in assets under management, provides tailored solutions to European financial institutions aiming to generate high risk-adjusted returns from their credit market asset allocations.
Under the terms of the agreement, Credaris will receive Markit’s credit default swap (CDS) and loan pricing, in addition to Markit RED (Reference Entity Database) to assist in its management of credit risk, particularly in the structured credit arena.
Markit provides mark-to-market CDS pricing on over 2,700 individual entities and tiers of debt drawn from daily price contributions from over 50 dealing firms, and is used by global financial institutions for price verification and risk management purposes. Markit RED is the industry standard for reference entity and reference obligation identifiers used throughout the CDS markets.
Graham Neilson, portfolio manager at Credaris said: "As a modern credit asset manager, Credaris’ objective is to provide the best risk management solutions for investors, for which we need the most accurate data available. Markit’s services match the products we specialise in, including secured and unsecured credit derivatives and cash, and will be a cornerstone of our comprehensive risk analysis, measurement and reporting services."
Penny Davenport, Director, Product Management at Markit said: "We are delighted to have Credaris on board, and to provide them with the risk management tools that best equip them for an increasingly stringent regulatory environment. We are seeing growing demand for our products from asset managers, active in the global CDS markets, that are keen to boost their control and efficiency in this fast-growing market."