NEW YORK - February 24, 2004 - Financial Technologies International (FTI), the leading provider of Financial Enterprise Software (FES) to the global banking and securities industry, today announced that M&G Investment Management Limited, the UK and European funds management arm of one of the UK's biggest Insurance companies, Prudential Group, has selected its StreetReference solution to enhance operational efficiency.
M&G is constructing a Data Mart to source Fixed Income instrument terms and conditions to support the needs of its Fixed Income trading activities. The Data Mart will initially be the repository for all security related data for Fixed Income transactions with customer and counterparty data added subsequently. StreetReference, supported by StreetModel, the industry's leading data model, is expected to be the data integration platform that aggregates and stores data from multiple real-time sources, such as data vendor feeds or in-house applications. The centralised data is normalised, consolidated and cleansed for distribution to applications across M&G departments involved in the investment process. M&G will benefit from a flexible and extensible data storage and distribution solution in a scalable, adaptable and cost-effective manner.
"As a leading asset manager, M&G recognises that a key contributor to making informed investment decisions is accurate reference data. The acquisition of StreetReference as the basis of a centralised source of accurate Fixed Income instrument data, accessible by key business functions, can help achieve operational efficiencies", said Martin Lewis, M&G's Chief Operating Officer. "After a competitive selection process, we chose FTI's solution because it met our immediate requirements for sourcing and storing Fixed Income instrument terms and conditions and is expected to meet future requirements for reference data. FTI devised an implementation plan that rapidly delivers M&G significant benefits. Using FTI's reference data solution and skills in the development of the Data Mart is enhancing M&G's trading activities and will be the foundation for the delivery of quality service to our customers."
"M&G joins FTI's growing list of international clients and illustrates FTI's continued expansion, and commitment to the European and global markets," said Mike Meriton, president and CEO of FTI. "We are very excited by the opportunity to assist M&G with their data mart project and look forward to working closely with them in a rapid implementation and deployment of the full strength of StreetReference. FTI is proud to be selected to provide the unified repository for the management and distribution of enterprise wide reference data."
Using FTI's reference data solution suite, M&G is defining a common data management architecture for the funds management and operations across the enterprise. The integrated solutions offered by FTI provide the framework for delivering additional value and functionality in the future.