Milestone Group today announced that Schroder Investment Management (Luxembourg) has implemented its pControl platform for fund oversight. The solution enables the asset manager to automate the critical daily NAV validation process, which involves processing up to 1,400 prices from its global fund range within a 45 minute timeframe.
Prior to the deployment, Schroders ran price validations and checks manually, receiving and entering files into spreadsheets. Schroders sought an automated, easy-to-deploy approach that would drive efficiency, while also demonstrating best practice to clients and the regulators in relevant jurisdictions.
According to Gary Janaway, Operations Director at Schroders:
It is increasingly important to carry out oversight functions in a more effective and efficient manner. We recognised the need to have a solution in place that both complemented our proprietary system, and enabled us to focus on managing business challenges, rather than just running laborious checks. The implementation went well, and since the deployment, pControl has provided us with a one stop shop for the validation of fund price data, meaning that our staff can now focus on managing exceptions, instead of crunching data.”
Paul Roberts, Managing Director of Milestone Group in EMEA, added: “Market conditions and increased regulation focussed on integrity and transparency have caused firms to look for automated solutions for fund oversight. It’s important to recognise that just because something is outsourced with a trusted partner, that doesn’t automatically mean that all aspects of the oversight function are operating at maximum efficiency.”
Schroders is a global asset management company with £255.8 billion (EUR298.5 billion/$388.0 billion)* under management as at 30 June 2013. Our clients are major financial institutions including pension funds, banks and insurance companies, local and public authorities, governments, charities, high net worth individuals and retail investors.
With one of the largest networks of offices of any dedicated asset management company, we operate from 34 offices in 27 countries across Europe, the Americas, Asia and the Middle East. Schroders has developed under stable ownership for over 200 years and long-term thinking governs our approach to investing, building client relationships and growing our business.
*Source: Schroders, all data as at 30 June 2013, including Cazenove Capital assets under management