Confluence has been appointed by Lombard Odier Funds (Europe), the Luxembourg based management company of Lombard Odier Investment Managers, to provide its automated budgeting application for asset managers.
Lombard Odier will use Confluence’s unity NXT budgeting and unity NXT invoice payments expense management solutions in the management of their Luxembourg Ucits and alternative investment fund expenses.
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Confluence claims that its unity NXT budgeting platform will allow asset managers to manage fund expenses with greater control and transparency, while its Unity NXT Invoice Payment solution will reduce cumulative hours spent by asset managers on invoice tracking and vendor reporting by up to 90%.
Additionally, Unity NXT Budgeting will automatically collect net assets; foreign exchange rates and bulk invoice payment activity and allocates payment to appropriate instruments.
Confluence said that Unity NXT Invoice provides invoice data across funds, asset managers can more easily perform the analysis required to make informed decisions and optimise vendor relationships.
Unity NXT invoice payments also automates invoice tracking and assist asset managers in solving the challenges they face when creating, reviewing and approving invoices for completeness and accuracy.
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By GlobalDataMark Edmonds, managing director of Lombard Odier Funds said: "We view automation as key to gaining greater transparency, efficiency and control over expense management processes. The Unity NXT Budgeting solution allows us to manage expenses efficiently across multiple currencies and multiple share classes."
Hugh Byrne, managing director – EMEA Business Development, at Confluence said: "Asset managers can now automate expense budgeting to reap the benefits of a fixed operation charge ratio without struggling through the hassle of spreadsheet-based expense management.
"We are very pleased to be providing LOIM with solutions to help them improve control and efficiency of monitoring budgets and forecasted budgets and creating, reviewing and approving invoices, whilst simultaneously reducing risk and cost," he added.
