On September 22nd, at the Innholders Hall, London, a leading data management platform provider Accudelta, brought together an audience of senior figures from the asset management industry to debate the data distribution and regulation challenges currently facing the industry.
There was much discussion around using data as a differentiator, with some arguing that good data ought to be a given, while others said that data overload is counter-productive and what you really need is succinct snapshots of what is really happening. The final use of the data was seen as instructive with institutional investors, retail investors, and regulators all having different needs. Phil Tattersall, Director, Wealth and Asset Management Data Analytics at EY, explained: “It is about the quality of communication, as everyone needs data for different reasons.”
The importance of utilising consultant databases correctly was identified as an issue. It was noted that not being included on databases could have a real financial impact, often with products and businesses sometimes not even aware of the searches and opportunities that they were missing.
Regulation was a core topic; with Henry Raschen, Head of Regulatory Affairs HSBC Securities Services, highlighting that regulators needed a degree of sympathy: “They had to do something, and by and large it has been cohesive. There have been some enormous changes and it took time for the industry to appreciate the sheer determination of the regulators to put these things in place.”
The challenge around deciding if a solution needed to be tactical and shorter term, or a longer term and strategic was discussed, with many citing costs and scope as determining factors. It was agreed that data requirements would continue to change and that flexibility to meet these changing demands was important.
Conor Smyth, Managing Director, Accudelta, said of the event: “The data needed by investment distribution and regulation remains a fundamental issue for our industry. As data use is becoming more important and diverse, we are encouraged that there is an increase in the longer term strategic viewpoint. Events such as today demonstrate the range of opinions and allows for frank discussions around issues that need addressing.”
Speakers at the Accudelta event included:
- Mark Smith, Managing Director - Global Head of Investment Information Services at BNY Mellon
- Charles Spungin, EMEA Client Relations Practice Leader at Wells Fargo
- Andrew Melville, Financial Service Risk Management Advisory at EY
- Henry Raschen, Head of Regulatory Affairs at HSBC Securities Services
- Neil Curham, Executive Director at Alpha Financial Markets Consulting
- Phil Tattersall, Wealth and Asset Management Data Analytics, EY