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Northern Trust Offers Clients Comprehensive View of Distribution Activity
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Rhea-AI Summary
Northern Trust has partnered with Finscape to enhance data transparency for asset managers by providing a comprehensive view of fund distribution activities. This collaboration will assist clients in conducting forensic analyses and maintaining regulatory compliance, particularly regarding the identification of end investors. The innovative solution utilizes advanced technology to streamline market intelligence and reduce operational complexities. The service helps clients comply with mandates like MIFID II, thereby ensuring they understand their investor bases.
Positive
Partnership with Finscape enhances data transparency for asset managers.
The service enables detailed forensic analysis of fund distribution.
Supports compliance with regulatory requirements including MIFID II.
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None.
Partnership with Finscape Aims to Help Asset Managers Address Industry-Wide Data Transparency Challenges
LONDON--(BUSINESS WIRE)--
Northern Trust (Nasdaq: NTRS) has entered into an agreement with Finscape to provide clients with a comprehensive view of their fund distribution activity. By streamlining market intelligence gathering, the service – also called Finscape – aims to help address industry-wide challenges around data transparency.
Under the agreement, Northern Trust will make Finscape available to its asset manager clients globally, allowing them to carry out forensic analysis of distribution, providing them with access to valuable information to inform their sales strategy and help them to meet regulatory requirements.
It also addresses the challenge for asset managers of identifying investors in their funds where sales are made via a third-party fund distribution platform. In such instances the transfer agency register shows a nominee position in the platform’s name, potentially creating challenges for the asset manager to readily identify the end distributor in the investment ‘chain’.
Clive Bellows, head of Global Fund Services, Europe, Middle East and Africa at Northern Trust,says: “This solution deploys advanced technology to provide asset managers with a comprehensive picture of their investors while reducing complexity and replacing inefficient reconciliation activity. Our agreement with Finscape reflects Northern Trust’s focus on helping asset managers distribute their funds via our Whole Office approach, providing access to new technologies and insights through the combination of our capabilities, networks and partnerships.”
Bella Caridade-Ferreira, joint managing director at Finscape,comments: “Fund distribution has become increasingly fragmented and complex, with a range of third parties often sitting between asset managers and their investors. We are pleased to be working with Northern Trust to help its clients streamline their market intelligence needs, improve transparency, save time and help reduce their costs.”
Finscape's solution pools information from distribution platforms, asset managers and granular adviser data available from the UK’s Financial Conduct Authority. The resulting data is constantly reconciled and enriched by Finscape’s proprietary business rules, forming a comprehensive picture of the market and allowing contributors to analyse their own flows compared to an aggregate view of their sector.
The service also supports clients in meeting regulatory requirements that asset managers must understand who their investors are and how their funds are sold. These obligations are included in the European Union’s MIFID II regulation, the Central Bank of Ireland's Consultation Paper 86 and the Luxembourg Commission de Surveillance du Secteur Financier’s 18/698 requirements.
Northern Trust’s Global Fund Services business provides fund administration, global custody, depositary, investment operations outsourcing and revenue enhancement solutions to global investment managers – supporting an extensive range of complex investment strategies across the full spectrum of asset classes.
About Finscape
Finscape is a joint venture between leading fund research house, Fundscape, and financial services systems supplier Altus. Altus software manages the majority of asset transfers between UK platforms and has been ISO 27001 accredited since 2017. For more details about our distribution intelligence service, visit finscape.co.uk.
About Northern Trust Northern Trust Corporation (Nasdaq: NTRS) is a leading provider of wealth management, asset servicing, asset management and banking to corporations, institutions, affluent families and individuals. Founded in Chicago in 1889, Northern Trust has a global presence with offices in 22 U.S. states and Washington, D.C., and across 23 locations in Canada, Europe, the Middle East and the Asia-Pacific region. As of December 31, 2021, Northern Trust had assets under custody/administration of US$16.2 trillion, and assets under management of US$1.6 trillion. For more than 130 years, Northern Trust has earned distinction as an industry leader for exceptional service, financial expertise, integrity and innovation. Please visit our website or follow us on Twitter.
Northern Trust Corporation, Head Office: 50 South La Salle Street, Chicago, Illinois 60603 U.S.A., incorporated with limited liability in the U.S. Please read our global and regulatory information.
