Asset managers need to have a clear vision of their data requirements and work in partnership with their data management provider according to Accudelta’s Managing Director, Conor Smyth.
Speaking at the firm’s breakfast briefing event at the Consulate General of Ireland in New York on 8 March, Smyth warned against asset managers who sought a one-size fits all solution to their data reporting requirements. Smyth said: “Asset managers who have a clear vision of their data requirements, use the correct tools and work closely with their data management partners are the best placed to utilise their data most effectively.” He added that: “Those who are simply looking for a one-size fits all solution are failing to optimise their data and losing out to those with a clearer vision and who are prepared to work strategically.”
Ronan Brennan, CTO at MoneyMate Group and Accudelta, chaired the breakfast briefing and summarised that it was clear to see that most asset firms are a long way from having solved data management: “Despite a broad recognition that data is more important than ever, and presenting what seems to be an investment in this space with the appointment of Chief Data Officers and similar roles, most firms still approach data management tactically. The firms that approach this strategically will be able to out-perform their peers across all aspects of their business.”
The breakfast briefing brought together an audience of senior figures from the asset management industry to debate the increasing data demands of distribution and regulation on asset management. Panel members at the event included representatives from Accudelta, Alpha FMC, BNP Paribas Investment Partners, ReformIS and Standard Life Investments.
Accudelta, a part of the MoneyMate Group, is a leading data management provider who partner with asset managers to provide a trusted data store.