MoneyMate aids funds industry 21 September 2012Dublin Reporter: Jenna Jones
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Investment data management solutions company MoneyMate has launched the Fund Price and Information Exchange, a ‘look-through’ and reporting utility, to help asset managers and insurers tackle Solvency II requirements.
MoneyMate’s exchange is a result of the need for insurance companies to prove that they have enough capital funding to prevent them from failing. Solvency II requires insurers to develop 'look-through’ transparency over their investments, placing pressure on asset managers that will be required to provide levels of transparency on the investments of their insurance company clients.
The exchange is “a centralised repository which normalises and stores data before it is offered via permissioned distribution to the relevant insurers. With this, asset managers meet Solvency II reporting requirements while still controlling access to look-through views of holdings data within a secure environment,” said MoneyMate in a statement.
MoneyMate's chief technology officer, Ronan Brennan, said: “Our look-through and reporting utility provides an industry-connected infrastructure and tackles the fundamental challenges for asset managers, third party administrators and their insurance clients under Solvency II: data ownership, opaque investment structures and security for intellectual property."
“The utility provides connectivity between parties involved in addressing the issues of Solvency II—the regulated investor, their asset manager and their service providers. A landscape-altering regulatory move like this requires a completely new model, and that’s what we’ve done at MoneyMate.”
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