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Data Management Insight Brief

Financial Services and Markets Act 2023 Makes Progress with Royal Ascent

The Financial Services and Markets Act 2023 has received royal ascent on route to delivering the UK Government’s vision of growing the economy and creating an open, sustainable, and technologically advanced financial services sector. Post-Brexit, the act tailors financial services regulation to fit UK markets and is expected to increase UK competitiveness as a global financial centre and deliver better outcomes for consumers and businesses.

New powers include reforms to Solvency II, which are calculated to unlock around £100 billion for investment, and secondary objectives for the Financial Conduct Authority (FCA) and Prudential Regulation Authority (PRA) to facilitate the growth and international competitiveness of the UK economy. This will be backed up by changes to enhance the scrutiny and accountability of the regulators, including ensuring regular reporting and a greater focus on cost-benefit analyses.

Confluence Sets Out on AI Journey with Reconciliation Solution

Confluence Technologies, a technology solutions provider to the investment management industry, has announced the first development from its innovation lab that leverages AI technology to solve complex industry problems. Confluence Unity Rex applies large language models (LLMs) to solve reconciliation challenges from the SEC’s Tailored Shareholder Reports (TSR). It mines and pinpoints discrepancies in language and numeric information between financial reports and the TSR, delivering efficiency and cost savings in the reconciliation process.

S&P Global Market Intelligence Adds Loan Pricing and Analytics to Capital IQ Pro

S&P Global Market Intelligence, a provider of information services and solutions to global markets, has added loan pricing, analytics and liquidity measures to its S&P Capital IQ Pro platform. This is the latest enhancement resulting from S&P Global’s merger with IHS Markit in 2022.

Informatics Makes Intelligent Data Management Cloud Available in Japan via AWS

Informatica has made its Intelligent Data Management Cloud (IDMC) platform available in Japan via AWS Asia Pacific (Tokyo) Region. The platform is expected to support customers in data-led cloud modernisation journeys, and enable them to manage, access, and accelerate data transformation for business insights, while complying with data residency requirements in the country.

Informatica’s IDMC is a comprehensive cloud-native data management platform that enables enterprises to visualise, analyse and collaborate with their data regardless of location or platform. Powered by CLAIRE, the company’s AI metadata-driven engine, IDMC helps organisations accelerate innovation and increase productivity at scale. IDMC on AWS Asia Pacific (Tokyo) Region can be accessed through the AWS Marketplace.

GLEIF Signals Intent to Join Global Project Designed to Digitise ESG Credentials of MSMEs

The Global Legal Entity Identifier Foundation (GLEIF), United Nations Development Programme (UNDP), and Monetary Authority of Singapore (MAS) have signed a statement of intent to embark on a collaborative initiative to develop digital Environmental, Social and Governance (ESG) credentials for micro, small and medium-sized enterprises (MSMEs) worldwide.

The initiative, Project Savannah, hopes to lower the barriers to ESG reporting for MSMEs by establishing a common framework of ESG metrics to generate basic sustainability credentials and commence the journey towards meeting UN Sustainable Development Goals (SDGs). It will use digital initiatives, such as MAS’s Project Greenprint1, to generate ESG data credentials that can be housed in MSMEs’ LEI records. MSMEs will then be able to transmit verified entity information and key ESG data to their business partners.

Arcesium and Confluence Partner to Provide Efficiencies for the Buy-Side

Arcesium, a provider of enterprise data management solutions, and Confluence, a solutions provider for the investment management industry, have partnered to deliver an integrated data management and analytics solution for middle/back-office operations of asset managers.

The partnership is intended to deliver workflow efficiency across performance, risk and regulatory reporting, and will integrate Confluence’s StatPro Analytics solution, comprising performance, attribution, risk, GIPS, and other investment analytics, with Arcesium’s Financial Data Stack modules and cloud-native data management platform, Aquata.

The offering is available as a technology solution or a fully managed service, allowing asset managers to consolidate vendors and lower total cost of ownership.

ICO Recommends Privacy Enhancing Technologies

The Information Commissioner’s Office (ICO) is recommending organisations start using privacy enhancing technologies (PETs) to share personal information safely, securely and anonymously. These types of technologies open unprecedented opportunities for organisations to harness the power of personal data through innovative and trustworthy applications, by allowing them to share, link and analyse people’s personal information without having access to it.

The ICO has launched new PETs guidance, which is aimed at data protection officers and others who are using large personal data sets in finance, healthcare, research, and central and local government.

Linedata Publishes 2023 Global Asset Management Survey

Linedata has published the results of its 2023 Global Asset Management Survey, revealing a focus on operational efficiency, digital transformation, and client experience. The survey is designed to provide insights into the priorities and challenges asset management firms are facing and includes responses from 265 industry leaders across the Americas, Europe, and Asia-Pacific.

The report notes factors that are shaping asset management, including continuing digital transformation led by automation, data integration pain points exemplified by ESG, outsourcing, AI adoption, and the journey to cloud. In support of these factors, it identifies key trends across the asset management community including the need to increase operational efficiency – which is top of the strategic agenda, technology spending priorities on risk management, including compliance, and portfolio and operational risk; intensifying demand for ESG data; and acceleration towards adopting flexible operating models.

KX Collaborates with AWS to Make kdb Insights a Managed Service on Amazon FinSpace

KX, creator of the kdb+ time series and analytics database, has teamed up with Amazon Web Services (AWS) to make kdb Insights available as a fully managed service on Amazon FinSpace. Managed kdb Insights enables investment banks and hedge funds to launch, configure, run, and scale capital markets analytics and AI workloads with just a few clicks. Firms already using applications that rely on kdb Insights can migrate to AWS in days without modifying queries or workflows, and gain the agility, scalability, high availability, and security of AWS.

Ashok Reddy, CEO at KX, says: “With the launch of kdb Insights on Amazon FinSpace, our customers can experience unparalleled levels of price versus performance thanks to the market-leading capabilities of our Data Timehouse technology and the powerhouse that is AWS.”

SwanCap Implements Canoe Intelligence to Manage Alternative Investment Documents and Data Processes

Munich-based SwanCap Partners, an independent investment boutique, is working with Canoe Intelligence, a provider of alternative investment solutions, to automate and manage its document collection and data management processes, specifically for its capital calls, distributions, and account statements.

SwanCap has implemented two Canoe solutions: Canoe Connect, to automatically collect alternative investment documents from portals and email inboxes using API connectivity and deliver the aggregated documents to Canoe Intelligence; and Canoe Intelligence, to categorise, extract, and validate relevant private market investment data, and deliver clean, actionable insights to clients’ downstream systems.