SimCorp has collaborated with WTax, a provider of withholding tax recovery services, to respond to the buy-side struggle for efficient recovery of withheld tax, across borders.
The integration of WTax within SimCorp’s integrated front-to-back investment management platform SimCorp Dimension will enable clients efficient recovery of foreign withheld tax on their assets, through a shared data source.
Utilising WTax’s withholding tax recovery process, SimCorp’s global clients can eliminate the manual process of liaising with tax authorities across multiple jurisdictions.
In addition, SimCorp will take full responsibility for the data processing between SimCorp Dimension and WTax, allowing firms to generate tax assets, without the need to create a new IT project, or assign additional resources and budget.
Anders Kirkeby, head of open innovation, SimCorp, commented: “These are lean times for the buy side, where every possible asset, including recoverable tax, counts. Given our initial engagement with the industry we expect a strong uptake of this offering among our clients, with the benefit of improved net performance and without having to change investment strategy or require additional budget.”
Daniel Ginsburg, CEO of WTax, added: “Through our partnership with SimCorp, we are innovatively changing the withholding tax recovery space. We look forward to providing an efficient and automated answer to the current challenge many asset owners face with their recoveries, through this enhanced data collaboration with SimCorp and its clients.”
