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Level 20 1 Market Street
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Contact

Teresa Chick
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Core Competency Focus Plus Careful Outsourcing Wins New Business for Asset Managers, Says Correctnet CEO

HAUPPAUGE, NY, February 2, 2006 – As 2006 begins, leading data management and reporting solution provider Correctnet offers a prediction for asset management businesses. “Those who concentrate on what they do best, and use trusted service providers to address shortfalls,” asserts Correctnet CEO Robert J. Miller, “will be the ones that win new business and make competitors watch from the sidelines.”

Miller maintains this view is part of some new thinking crystallizing among asset managers and other financial executives. “It’s unrealistic to believe that institutions and asset management firms can do everything well,” he says. “They operate in a business environment marked by IT resource constraints and escalating demands—like regulatory and compliance requirements—plus an unyielding need to differentiate their products and services from those of the competition.”

Success in this setting requires finding a means of achieving superior, cost-effective business process execution on all fronts, and Miller feels it is easy to make a business case for partnering with appropriate outsourcing suppliers. “Outsourcing is gathering momentum across a wide range of asset management businesses,” he says. “Clients can easily rationalize costs, address time-to-market considerations, offload work from their IT groups, and gain access to focused expertise on processes ranging from CRM, portfolio management, analysis, accounting, risk processing, business intelligence, and other important functions.” Miller cites as examples of outsourced services a number of companies, including RiskMetrics™, Algorithmics™, InvestEdge™, Backstop™, SS&C™, and MicroStrategy™, among many others.

Outsource vendors, Miller maintains, can be considered trusted strategic partners if they offer the domain expertise that helps clients grow their businesses over the long haul. “Setting aside technology differences for a moment, the successful vendors in 2006 will demonstrate a deep understanding of their clients’ long-term business issues, strategies, and goals. They’ll have a track record of rapidly implementing solutions that are not only customized to their clients’ specific business needs, but can accommodate future throughput and functionality requirements.” Miller adds: “The best partnerships represent investments in the ability to innovate.”

For 2006, Miller feels asset management businesses should focus on fast-turnaround projects with immediate benefits, like streamlining access to internal data assets and improving agility and product differentiation via mass customization capabilities. “If you link efficient access to your data assets with the ability to quickly customize the appearance, user experience, and functionality of your information-based products and services, I’d say you’ve just established competitive advantage.”