The new license agreements signed in H1 2020, signal the growing buy-side investment in digital client communications, as a key asset to overcome the challenges raised by increased client engagement and the new remote working environment, as a result of the pandemic.
With heightened conditions continuing to shock investor confidence, North American asset managers are struggling to meet the demand for real-time reporting, as well as more frequent and granular communication from their clients. Inversely, while investor demand has grown, many firms are running leaner resources than ever before, unable to scale and automate their communications and reporting on the fragmented legacy systems in use, which often require intense manual intervention.
The recent wins, which will be fully remotely implemented to ensure business continuity, include asset managers and a private equity firm, managing assets from 100 billion USD to 1 trillion USD, signifying the need for investment in client communications, as a critical response across tier one and two asset managers in the region. These early-moving clients have recognized the need to improve existing legacy infrastructure with SimCorp Coric’s digital platform, to efficiently and consistently manage a new generation of client and investment reporting. Ultimately creating a superior client experience that increases retention and competitive advantage.
The growing awareness for scalable client reporting operations is reinforced by a recent Clear Path buy-side research report, which interviewed a number of buy-side firms both in the region and globally, finding the delivery of transparent, frequent and flexible client and regulatory communications, as essential in achieving operational resilience, particularly outside of traditional reporting cycles e.g. during global market events. Todd Needham, Director of Business at Loomis, Sayles & Company, North America, one of the senior executives, from the North American roundtable within the report, summarizes the significance of transparent client communications: “As an investment firm, we exist on behalf of our clients. When instances like this arise, it is vital that we proactively reach out to our clients and share information with them; what we know, what we do not know and what we are trying to find out. This latest market event was no different – we mobilized quickly to get out in front of our clients to let them know that they weren’t alone, as well as what was going on with their portfolios.”
Brian Dalia, Vice President, SimCorp Coric, SimCorp America comments: “During normal market conditions, many under-invested client reporting departments were just about keeping their head above the water in meeting client reporting demands, but the pandemic has raised the bar to a whole new level, underlining just how unsustainable these legacy client reporting functions are. In response, SimCorp Coric has continued to innovate its client communications and reporting platform over the last 20 years to deliver a scalable, digital solution, empowering asset managers to automate client reporting, compliance and sales enablement. We firmly believe one platform, and one consistent source of trusted data can provide our clients, and in turn theirs, with a superior experience, no matter what the market conditions.”
Enquiries regarding this announcement should be addressed to:
Mittal Shah, Head of PR, SimCorp +44 (0) 207 397 8072 [email protected]
SimCorp provides integrated, best-in-class, multi-asset investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers, central banks, sovereign wealth funds, and treasury. Deployed on premise or in the cloud, SimCorp’s core solution, SimCorp Dimension®, alongside SimCorp Coric®, SimCorp Gain™, and SimCorp Sofia™ form a powerful and complete solution. Together with a range of managed services, they support the entire investment life cycle, based on a market-leading IBOR. SimCorp invests around 20% of its annual revenue in R&D, helping clients develop their business and stay ahead of ever-changing industry demands. Listed on Nasdaq Copenhagen, SimCorp is a global company, with regional offices across Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com