The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Loomis, Sayles & Company Implements CheckFree eVent For CA Announcement Capture from Custodians, Vendors

Boston-headquartered investment manager Loomis, Sayles & Company is automating its corporate actions processing with CheckFree eVent. The firm, predominantly a fixed income house with some $105 billion in assets under management, is already a user of CheckFree TradeFlow for settlement instruction processing of cash securities and FX.

Loomis is currently in beta testing for the first phase of the roll-out of eVent, focusing on announcement capture. As well as taking announcements from custodians, Loomis also takes in data from vendor feeds, including Bloomberg, and will be automating the announcement capture from these feeds, Naren Patel, director, securities business development at CheckFree, says. “The timeframe is aggressive,” he adds. “By the end of this year, the goal is for Loomis to be live on full end-to-end automated corporate actions processing.”

Patel says a key driver for Loomis’s decision to automate corporate actions processing has been the US market’s move to adopt ISO 15022 standardised messaging. “Loomis has multiple custodians, and as its suppliers were moving to Swift standards, Loomis was finding it difficult to leverage and obtain scale without automation,” he says. 

Loomis “spoke to all the usual suspects among the corporate actions systems providers”, Patel says. “We did a number of technical workshops with Loomis over a period of time, and it quickly transpired that our out-of-the-box solution had what they needed, without too much customisation or configuration being required. So we went very quickly from the technical workshop programme into an immediate beta and testing phase.” It may be worthy of note that Jan Snitzer, a vice president at Loomis, came from another Boston-based asset manager, MFS, which, in 2001, signed up to implement eVent (then sold by HelioGraph, prior to its acquisition by CheckFree). MFS did not ultimately go live on eVent, as the project was elbowed out by “other priorities”.

Implementation of CheckFree eVent is also under way at HSBC Securities (Reference Data Review, January 2007).

Related content

WEBINAR

Upcoming Webinar: Evolution of data management for the buy-side 2021

Date: 27 May 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes The buy-side faced a barrage of regulation in 2020 and is now under pressure to make post-Brexit adjustments and complete LIBOR transition by the end of 2021. To ensure compliance and ease the burden of in-house data management, many...

BLOG

The Deal is Done – LSEG Completes Acquisition of Refinitiv

A big day in the City last Friday as the London Stock Exchange Group (LSEG) completed its all-share acquisition of Refinitiv first mooted back in July 2019. The acquisition is expected to create a leading, UK-headquartered, global financial market infrastructure provider with a strong data and analytics business, significant capital market capabilities across multiple asset...

EVENT

Briefing: ESG Data Management – A Strategic Imperative

This breakfast briefing will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

Regulatory Data Handbook 2018/2019 – Sixth Edition

In a testament to the enduring popularity of the A-Team Regulatory Data Handbook, we are delighted to publish a sixth edition for 2018-19 of our comprehensive guide to all the regulations and rules that might impact data and data management at your institution. As in previous editions of the Regulatory Data Handbook, we have updated...