PBI’s monthly summary of the latest developments in wealth management technology and fintech innovation.
DriveWealth, Bambu partner on robo-advisory platform
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DriveWealth, a fintech that provides access to US securities, has collaborated with Singapore-based Bambu to launch a new robo-advisory platform for wealth management professionals in the US.
The robo-advisory tool combines DriveWealth’s API suite and Bambu’s roboadvisory software. DriveWealth’s API suite has been designed to easily integrate with any mobile platform. The suite facilitates onboarding, ordering, funding, and reporting of US stock markets. Bambu’s software automates financial planning and investment.
The new platform leverages DriveWealth’s real-time, fractional share technology and Bambu’s responsive HTML front-end user interface. It includes an adviser dashboard that displays all client activities, including alerts, as well as enabling tracking of invested capital and cash balances.
It also features a CIO dashboard that supports the creation, simulation and rebalancing of portfolios. Users can also use the platform to manually adjust investment goals and carry out in-depth evaluation of their investments.
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By GlobalDataDriveWealth CEO Robert Cortright said: “We are excited to join forces with Bambu, an innovator in goal-based planning and AI, to launch a streamlined product for wealth managers seeking to offer a unique, easy-touse investing platform directly to their retail customers.
Quilter Investors opts for IHS Markit’s investment services
Quilter Investors, a provider of multi-asset investment solutions, has chosen IHS Markit’s enterprise data management (EDM) and investment management (thinkFolio) solutions.
The integrated data management and investment management platform will be delivered on the AWS Cloud, which is hosted by London-based data provider IHS Markit.
IHS Markit’s global head of EDM and thinkFolio, Spiros Giannaros said: “We are looking forward to working with the team at Quilter Investors to deliver this modern, flexible infrastructure which will play a key role in supporting the firm’s investment requirements and asset class mix.”
The investment manager will use EDM to address security concerns and facilitate account master management. Following validation and aggregation, the data will be distributed by EDM to the front office through thinkFolio.
Meanwhile, thinkFolio will support the investment firm’s portfolio modelling, compliance, cash and foreign exchange management, as well as trading requirements.
Quilter Investors’ COO and CFO, Mitchell Dean, said: “The team already had a positive experience of using thinkFolio and the fact that it can be combined with EDM to deliver an end-to-end platform made it an attractive option for us.
Sumitomo Mitsui Trust Bank taps DTCC to better manage settlement process
Sumitomo Mitsui Trust Bank (SuMi Trust USA), the US subsidiary of Japanese banking giant Sumitomo Mitsui, has gone live with the Depository Trust & Clearing Corporation’s (DTCC)’s Alert Global Custodian Direct (GC Direct) workflow to automate communication of its settlement processes.
The deployment will enable SuMi Trust USA to maintain and deliver standing settlement instruction (SSI) data to its clients using Alert, an online database owned by DTCC for the maintenance and communication of account information and standing settlement instructions (SSIs).
Alert is part of DTCC’s Institutional Trade Processing product suite, which allows investment managers, brokers, dealers and custodian banks to share accurate account and SSI information automatically across the world.
GC Direct enables custodian banks to electronically manage settlement instructions on behalf of their buy-side clients. DTCC claims that its platform has helped to reduce SSI-related fails for custodian bank users, with some custodians achieving reductions in fails by more than 50%.
SuMi Trust USA’s head of global custody administration, Douglas Shivers, said: “SuMi Trust USA is enthusiastic about being the first Japanese global custodian utilising GC Direct.”
Merrill Lynch ditches Reuters, opts for FactSet market data
Merrill Lynch Wealth Management has chosen financial data and software company FactSet as its primary provider of market data, replacing Thomson Reuters.
As part of the multi-year agreement, FactSet will deploy its web-based platform that offers multi-asset content, analytics as well as global market data. The platform will be made available to more than 15,000 Merrill Lynch advisers later this year.
The agreement includes the integration of FactSet’s data feeds into Merrill Lynch’s internal applications and client-facing portals. The selection of FactSet over Reuters follows Blackstone’s announcement of the acquisition of a majority stake in Thomson Reuters’ financial and risk business for around $17bn.
FactSet CEO Phil Snow commented: “Wealth management is a growing part of our business and currently represents approximately 10% of our annual subscription value. “Being selected by Merrill Lynch demonstrates how quickly we have progressed in this space, and is a testament to the strength of our overall offering.
“We are thrilled to be expanding our relationship with Bank of America, and look forward to supporting the ongoing success of its global wealth management team.”
A unit of Bank of America, Merrill Lynch offers wealth management and investment services globally. As at 30 June 2018, the business had 14,820 financial advisers and managed around $2.3trn in assets.
