MoneyMate, a provider of investment data quality management solutions, today announced the results of a survey focused on the data management issues and challenges facing the asset management community today.
Fifty percent of survey respondents indicated that manual processes are the greatest challenge in bringing their product data to market. Other challenges include timeliness (37.5% of respondents), accuracy (34.4% of respondents) and costs (31.3% of respondents).
Ronan Brennan, CTO of MoneyMate, commented, “First and foremost, these results show the absolute necessity of bringing automation into the investment product data management space – 50% of respondents are feeling the burden of too many manual processes – these need to be automated so that timely and accurate data is always available in the marketplace.”
He continued, “The findings align with our belief that automating investment product data processes will help asset managers increase efficiency and more effectively manage operational risk. We are seeing the benefits enjoyed by leading firms in the industry who have made the switch.”
Other results include:
– 80.7% of respondents are already considering, or are willing to consider outsourcing their data management processes;
– 46.7% of respondents are not fully aware of the costs of bringing product data to market; and
– 33.3% of respondents feel they are currently paying too much to bring their data to market each month.
“MoneyMate has been engaging asset managers in the product data quality dialogue for a number of years,” said Paul Fawsitt, CEO of MoneyMate. “There has always been recognition that data quality is an issue, but the results of this survey reveal a readiness among asset managers to make the required investment in data management solutions that will revolutionise important aspects of their businesses.”
Survey respondents included executives in various positions at top asset management firms, including operations, IT, distribution and compliance. The majority (74.2%) of respondents work at organisations managing more than 100 funds.