In other FinTech news, Eagle Investment Systems lands Federated Investors and ICAP takes on cross-trade execution.
SS&C and Advent Teams Focus on Combined Clients
Technology teams from financial services software and systems vendor SS&C Technologies and its recent acquisition Advent have been working closely and quickly to deliver Geneva, version 15.2, the latest release of the fund administration platform for their joint fund administration clients.
Originally an Advent product, Geneva offers portfolio management, performance measurement, real-time P&L, reconciliation, investor accounting and reporting.
“The combined technology teams worked together to evaluate the priorities for 15.2 to ensure the new functionality focused on the needs of our combined end clients,” says Andy Bridger, the U.K.-based managing director at SS&C GlobeOp. “We also worked closely together during the testing and implementation phase to make certain the upgrade was seamless for our fund administration clients.”
The upgrade offers enhancements for operational workflows and efficiencies, say company officials. “With Geneva 15.2, SS&C GlobeOp has enhanced its services by streamlining the accounting workflows for swap and bank debt, as well as extended instrument support for emerging markets,” officials add.
“Geneva 15.2 increases the available functionality around equity swaps; improved functionality for handling a wider variety of complex life-cycle events (such as a specifying a different currency for the dividend payments and handling of up–front fees) will increase the level of STP through the life of the trades,” Bridger adds.
Federated Investors Signs Up for Eagle Investment Systems
Federated Investors, Inc., an investment manager overseeing $361.1 billion in assets, has implemented a portfolio management solution from Eagle Investment Systems, a financial technology provider that is part of BNY Mellon.
The solution encompasses data management, investment accounting and performance measurement and the integration will help enable Federated Investors implement an investment book of record (IBOR), according to the vendor and the firm.
Federated will also be implementing Eagle’s Reference Data Center (RDC) to centralize and integrate the firm’s reference data and provide enhanced validation and exception processing, officials say.
“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,” said Tim Trebilcock, head of global trading and operations at Federated Investors in a prepared statement. “After a thorough evaluation of industry software vendors and service providers, Federated found Eagle Investment Systems to be the best fit for our company. We look forward to utilizing the Eagle solution to enhance operational efficiency, control and oversight.”
Federated Investors offers investment management services to more than 8,400 institutions and intermediaries including corporations, government entities, insurance companies, foundations and endowments, banks and broker/dealers, officials say.
ICAP Debuts CrossTrade for Buy-Side Portal
Interdealer broker ICAP has announced that ICAP Global Broking is expanding its electronic capabilities with TrueQuote, a new portal for buy-side clients.
The portal will offer a number of multi-asset class solutions over the coming months and launches with its first fixed income solution, CrossTrade, ICAP officials add.
“Working in partnership with fixed-income data provider, Interactive Data, CrossTrade is a workflow efficiency tool which enables buy-side customers to execute cross trades at an independently determined mid-price,” ICAP officials say. CrossTrade is intended to bring transparency, efficiency and standardization to the execution of cross trades.
“Having completed a Beta testing phase, CrossTrade is now live on TrueQuote for U.K. and European buy-side customers including Standard Life,” officials say.
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