Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, today announced that Old Mutual Wealth, one of the largest wealth management businesses in the United Kingdom, has selected Eagle's enterprise data management solution to support its Solvency II compliance programme. Deployed over Eagle's secure private cloud, Eagle ACCESSSM, the solution will centralise and streamline Old Mutual Wealth's data management processes to support the creation of new regulatory reports on assets.
Eagle's knowledge and experience in Solvency II compliance was a key consideration for Old Mutual Wealth. Additionally, Eagle's ability to manage complex and varied data streams in multiple formats, coupled with its fund look-through capabilities, were also critical factors for Old Mutual Wealth in choosing the Eagle platform.
Old Mutual Wealth will initially leverage Eagle to source, normalise, validate, enrich and store its data in the QRT formats mandated as part of the Solvency II reporting and disclosure requirements under Pillar 3. Eagle's enterprise-wide solution will help fulfill a key requirement to manage the firm's Solvency II needs across its UK and International businesses.
"Eagle stood out for its ability to help us meet the strict asset reporting requirements set out under Solvency II. The firm's existing infrastructure, local support structure and their solution's ability to manage complex data streams in multiple formats set them apart," said Peter Bryan, Financial Controller at Old Mutual Wealth.
"Financial institutions are being held to a higher standard of data governance, and the need for exemplary data quality, alongside transparent and demonstrable data processing, continues to grow," said John Legrand, Managing Director and Head of EMEA and APAC at Eagle. "The demand for more detailed reporting brings with it more intensive data requirements. Increasingly we are seeing firms need to implement more robust data management solutions as the source for their reporting commitments across different regulatory requirements, and to provide credible audit trails and assurance to its constituents."