- New service will enable asset managers to ensure their funds are Solvency II ready in advance of the proposed 1 January, 2014 deadline
- fund: Permission ensures investment strategies are protected by enabling asset managers to control access to their holdings data
MoneyMate, a specialist provider of investment data management solutions, have announced a look-through service which will enable Fund ProductMaster customers to ensure their funds are Solvency II friendly while protecting investment strategies.
“While Solvency II is of European origin and primarily targeted at the insurance industry, it has global implications for the asset management community,” comments Ronan Brennan, CTO of MoneyMate. “Solvency II requires insurance companies to prove they have enough capital funding to prevent them from failing, placing a significant reporting burden on asset managers who will be required to provide unprecedented levels of transparency on the investments of their insurance company clients.”
Once Solvency II comes into effect, asset managers will have to facilitate a timely report of line-level holdings for all funds they are managing and must provide a full look-through to the Nth level until the report has just ‘leaf’ level holdings. To address this concern, MoneyMate has developed a leading-edge data management look-through service to capture and deliver fund holdings data. With this, asset managers can meet reporting requirements but still control access to holdings data so that look-through can be realised within a secure environment, while protecting the asset manager’s investment strategy.
“Despite the recent delay in the start date, the reality is that asset managers cannot afford to be complacent with their Solvency II plans, as they will still be required to file information to prove their readiness over the course of 2012-2013. This means asset managers will need to have the appropriate systems and processes in place by the end of next year," continues Brennan.
“Solvency II will set the data management standard for the asset management industry,” states Paul Fawsitt, MoneyMate CEO. “With a €7.5 trillion investment portfolio, insurers are significant investors in funds and asset managers who can market their funds as Solvency II friendly will have a competitive edge.”