The investment fund for the Cardiff-based Representative Body of the Church in Wales has over Â£300,000,000 in assets under management. This diversified fund, which employs multiple asset managers, will be using the online Zenith Reports system for accounting and reconciliation purposes, to provide independent third-party monitoring of their investment activity, for performance measurement and to aid in the production of committee and trustee reports.
David Holloman, Head of Finance at the Church in Wales comments, âWith Summit and their online Zenith software, we realised that we could automate and improve certain internal processes, such as reconciliation and report generation. This will undoubtedly free up some of our time to allow us to pursue new initiatives and enhance our governance.â
The Pension Office Corporation of The Anglican Church of Canada is located in Toronto, Ontario and manages over 5000 members and assets of $500,000,000. This is a well-established DB scheme with a mix of pooled and segregated funds across its nine asset managers. The fund chose Zenith Reports for a combination of breadth and depth of analytical services â it augments the conventional services of performance, attribution and risk measurement with additional analysis such as buy-and-hold, transaction cost, FX rates and custodian monitoring.
Judy Robinson, Executive Director for the fund, remarks, âOur aim in working with Summit is to improve our traditional analytics with something that is more cost efficient and user-friendly. The online system will not only provide us with faster delivery of information but improve reporting to the point where our trustees and management team can access their own bespoke reports online and perform ad hoc analysis whenever needed.â
Andrew Caird, Managing Director of Summit Global Investor Services says, âEach of these clients is a significant win for our company. Both funds are early adopters in their respective markets and, due to the nature of their organisations and stakeholders, any appointment follows extensive due diligence. To have gone through this process with both organisations and achieved this outcome is a great milestone in Summitâs development.â