Federated Investors, a large investment manager in the US, is implementing Eagle Investment Systems’ data management, investment accounting and performance measurement solutions as part of a platform transformation designed to support growth and regulatory compliance. The integration of the Eagle solutions will also provide Federated Investors with an investment book of record (IBOR) across asset classes.
Federated Investors started to look at platform transformation a couple of years ago and decided to build a platform that would support an IBOR and new vendor accounting software, integrate these elements with market and reference data, and replace a proprietary data warehouse. It carried out due diligence around both outsourced and software solutions – Eagle was part of both these processes as a technology solutions provider and a subsidiary of service provider BNY Mellon – before selecting Eagle products to deploy in house.
Tim Trebilcock, head of global trading and operations at Federated Investors, explains: “We approached Eagle as part of a platform transformation project that would facilitate our growth into new asset categories, deliver quality data downstream and provide greater data agility required to stay ahead of evolving client and regulatory requirements. After a thorough evaluation of industry software vendors and service providers, Federated Investors found Eagle to be the best fit for our company. We look forward to using the Eagle solution to enhance operational efficiency, control and oversight.”
Implementation of the new platform at Federated Investors is expected to take towards 12 months with go live planned for late this year. The firm has started work with Eagle’s Reference Data Center to get its data in good shape. It will then move on to implement the investment accounting and performance measurement solutions, and develop a data rather than accounting centric IBOR.
For Eagle, Federated Investors is a large client with over $360 billion assets under management. It is also one of four new wins to date this year, the other three being asset managers requiring respectively an IBOR, mutual fund accounting and performance measurement solution.