In other news, Money Concepts Capital taps Broadridge, CACEIS completes a key acquisition & a KDPW website targets regulatory reporting.
New Tool Helps Firms Meet SEC Rule
Confluence Technologies has unveiled “Confluence Unity Rex,” which it says is a tool that will help firms comply with the SEC’s Tailored Shareholder Reports (TSR) rule.
The solution provider says that Confluence Unity Rex “mines and pinpoints discrepancies in language and numeric information between financial reports,” and that this facility will help “asset managers to reconcile hundreds of data points for the thousands of share classes within their portfolio” and thus comply with the TSR rule, officials say.
“Rex automatically parses data from third-party financial reports, interrogates it, and reconciles it against the Tailored Shareholder Reports produced by Confluence,” officials say.
The Unity Rex offering will become available for production in early fall, officials say. It is “the first development out of its innovation lab that leverages AI technology to solve complex industry problems,” according to the solutions provider. “As the first application, the Confluence innovation lab applies Large Language Models (LLM) to solve reconciliation challenges from delivering significant efficiency and cost savings in the reconciliation process.”
“We’ve already shown Rex to many Unity clients and received highly positive feedback,” says Todd Moyer, president and chief operating officer (COO) at Confluence.
Money Concepts Capital Deploys Broadridge Wealth Data System
Broker-dealer Money Concepts Capital Corp. reports that it has deployed a data aggregation, reporting and analytics solution from Broadridge Financial Solutions with the intention of achieving “a holistic view of each client’s holdings and activity across thousands of sources.”
The Wealth Data Aggregation and Financial Reporting offering from Broadridge is described as “a multi-product technology and data solution” that consolidates information “about client assets under management, cash balances, positions, transactions, spending and more from thousands of sources, including banks,” according to Broadridge. “The aggregated data enables advisors to provide their clients with household-level reports and use prescriptive insights that adjust based on user feedback and peer comparison financial scoring.”
The Broadridge Data Aggregation and Financial Reporting is part of the securities operations and systems provider’s wealth suite of offerings.
“Our objective is to provide effective solutions for today while always maintaining a vision for the future needs of our professionals,” said Denis Walsh, president and CEO of Money Concepts, in a prepared statement.
“Broadridge’s solution is enabling us to optimize advisor productivity and gain unique insights for client growth and transformation. In a seamless and relatively quick process, we were able to shift away from legacy technology and transfer five years’ worth of historical transactions without any delays or resistance of change from advisors typically inherent in an aggregation conversion,” Walsh adds.
Money Concepts Capital Corp. is a privately owned broker-dealer and a registered investment advisor (RIA) based in Palm Beach Gardens, Fla. The firm was established in 1979 and its parent company Money Concepts International, Inc. has a network of approximately 700 financial professional centers nationwide, officials say.
CACEIS Completes Acquisition of RBC Investor Services in Europe
Asset servicing provider CACEIS has completed its acquisition of the European asset servicing activities of RBC Investor Services and its associated Malaysian center of excellence, officials say. The transaction does not include the Canadian operations of RBC Investor Services.
CACEIS, the asset servicing subsidiary of Crédit Agricole S.A. and Santander, has met the regulatory and antitrust requirements for the acquisition and will combine its asset servicing operations in Europe with those from RBC, officials say.
The acquisition will help CACEIS gain “broader international coverage and an expanded offering for all its clients,” according to CACEIS.
In addition, CACEIS’ acquisition of “the business of the U.K. branch of RBC Investor Services Trust and RBC Investor Services business in Jersey is expected to take place in the coming months, subject to the receipt of the necessary regulatory approvals,” officials say. “The results of the sold operations have a de minimis impact to RBC’s common equity Tier 1 (CET1) ratio and earnings per share (EPS).”
“We believe the complementary services, combined scale and joint expertise of RBC’s Investor Services’ European business and CACEIS will bring more opportunity for employees and greater value for clients,” says Francis Jackson, CEO of RBC Investor Services, in a prepared statement.
CACEIS serves asset managers, insurance companies, pension funds, banks, private equity and real estate funds, brokers and corporate clients via its offices across Europe, North and South America, and Asia.
KDPW Launches Website for Regulatory Reporting
The Central Securities Depository of Poland, a.k.a. KDPW, has launched a website, www.trplus.kdpw.pl under the brand: KDPW TR+, that is dedicated to reporting services, officials say.00
The website is intended to help firms meet regulatory reporting requirements such as those for the European Market Infrastructure Regulation (EMIR) rules, Securities Financing Transactions Regulation (SFTR) Trade Repository, and the Approved Reporting Mechanism (ARM) for MiFID II compliance, officials add.
The KDPW TR+ reporting services cover “a wide and expanding range of European regulations. … KDPW is a fully licensed trade repository and ARM authorized by ESMA— the European Securities and Markets Authority,” according to KDPW. “Our clients come from across the whole E.U. and range from small local brokers to the largest international banking groups.”
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