A-Team Insight Blogs

Asset Control Wins with New Managed Services Contracts

Share article

Venerable Annuity, the legacy annuity business of Voya Financial (created by an investor group led by affiliates of Apollo Global Management, LLC, Crestview Partners and Reverence Capital Partners) has confirmed the migration of its data management systems to AC PaSS, the cloud-based managed service solution from Asset Control.

The ACPaSS solution will provide Venerable with an adaptable data integration, mastering, and distribution platform, which will enable it to more efficiently run its legacy infrastructure.

Venerable was already using Asset Control’s AC Plus time series management solution to source pricing data, validate and enhance quality via user-defined workflows, and derive curves and surfaces to value its customers’ annuities portfolio. However, the solution had been running on a public cloud platform, was monitored and managed by the in-house IT team – a time-consuming and resource-intensive process.

The shift to AC PaSS, which took place over the past few months, ran in parallel with production before going live. Venerable has now migrated all its data management processes to AC PaSS, which runs in the Oracle Cloud Infrastructure.

The announcement follows Asset Control’s earlier partnership this month with Red Swan Risk, a specialist risk solutions and analytics provider for the asset management industry, in which the firm is providing its managed service offering (PaSSPort) to enhance Red Swan Risk’s multi-asset class portfolio risk management solution, RiskON. It marks a growing demand on the buy-side for solutions that enable the effective management of data in order to model risk with greater control and transparency.

“The partnership addresses the fact that asset managers today are spending too much time collecting, mastering, and cleansing data before they can even take advantage of advanced technologies like RiskON,” says Asset Control. “PaSSPort is providing security master as-a-service to power Red Swan Risk’s solutions with a robust and scalable data management system that exposes full data lineage.”

John Matwey, founding partner at Red Swan Risk, adds: “Asset managers face an ongoing struggle to manage model risk challenges including model selection, model configurations, market data, and reference data.  Together with Asset Control, Red Swan can provide more powerful tools for validating and managing the critical reference data that impacts model risk.”

Related content

WEBINAR

Recorded Webinar: Best practices for creating a data quality framework for your organisation

Bad data affects time, cost, customer service, cripples decision making and reduces firms’ ability to comply with regulations. With so much at stake, how can financial services organisations improve the accuracy, completeness and timeliness of their data? What approaches and technologies are available to ensure data quality meets regulatory requirements as well as their own...

BLOG

BNY Mellon Launches New Data and Analytics Solutions to Drive Higher Alpha and Cheaper Beta

The Bank of New York Mellon Corporation has adopted three new Data and Analytics Solutions offerings designed to help investment managers better manage their data, improve the success of US-listed fund launches and support the integration of ESG factors into investment portfolios. Data Vault is a cloud-based data and analytics platform that supports the rapid...

EVENT

Data Management Summit London

Now in its 9th year, the Data Management Summit (DMS) in London explores how financial institutions are shifting from defensive to offensive data management strategies, to improve operational efficiency and revenue enhancing opportunities. We’ll be putting the business lens on data and deep diving into the data management capabilities needed to deliver on business outcomes.

GUIDE

Entity Data Management Handbook – Sixth Edition

High-profile and punitive penalties handed out to large financial institutions for non-compliance with Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations have catapulted entity data management up the business agenda. So, too, have industry and government reports on the staggering sums of money laundered on a global basis. Less apparent, but equally important, are...