Data Quality & Data Reconciliation for Irish Asset Manager

Fideuram Asset Management Ireland was under pressure to adopt a framework able to support the activities of its middle office, due to the imminent launch of the new Bloomberg POMS Front Office system. The new system needed to be extremely flexible when it came to both data retrieval and defining matching rules, as well as being able to handle large volumes of data quickly. Finally, it needed to be designed in such a way that it could provide full traceability and reconstructability of all processes to the user.

All in all, a very complex and technical framework that would, in turn simplify operations for the end user. Irion had the answer.

The Solution – Irion

Irion was chosen as the ideal solution thanks to its ability to automatically acquire and normalize data from a number of different sources. It comes with the flexibility that the client needed when it comes to defining rules for matching, its capacity to allow for a customised user interface which could centralize the management of the entire reconciliation process whilst effectively managing the underlying operating workflow.

At the end of the project a significant proportion of the middle office activity is performed through Irion:

  • Daily reconciliation of security status, ETFs, fund shares, liquidity, foreign exchange, derivatives and accounting entries between the new front office and the various back office systems
  • Automatic forwarding of any adjustments to the front system, in line with the results
  • Cash management (adjustment of liquidity available to managers based on the update of the estimated data on subscriptions and redemptions)
  • Operational reporting on trading activity

The Benefits

  • The introduction of Irion has streamlined and simplified processes, dramatically reducing users’ operational time and in doing so freeing up resources for crucial enforcement and analysis activities;
  • The reconciliation process is now fully automated, which serves to successfully reduce operational risks;
  • This reconciliation activity is now fully tracked and under control. The process of matching and reconciliation has been organised under a specific operation/authorisation work-flow, which allows for traceability of the main events related to operations;
  • Irion now works as the middle office central hub for Fideuram Asset Management – just as they would have wished. All users can see the status of reconciliation and cash management processes while being able to “work” simultaneously on the different business segments – all with no overlapping risks whatsoever. Thanks to our excellence and expertise, our client enjoys complete peace of mind when it comes to their middle office framework.