Schroder Investment Management (Luxembourg) has implemented Milestone Group’s pControl platform for fund oversight.
The solution enables the asset manager to automate the critical daily NAV validation process, which involves processing up to 1,400 prices from its global fund range within a 45 minute timeframe.
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Prior to the deployment, Schroders ran price validations and checks manually, receiving and entering files into spreadsheets. Schroders sought an automated, easy-to-deploy approach that would drive efficiency, while also demonstrating best practice to clients and the regulators in relevant jurisdictions.
According to Gary Janaway, operations director at Schroders: "It is increasingly important to carry out oversight functions in a more effective and efficient manner. We recognised the need to have a solution in place that both complemented our proprietary system, and enabled us to focus on managing business challenges, rather than just running laborious checks.
"The implementation went well, and since the deployment, pControl has provided us with a one stop shop for the validation of fund price data, meaning that our staff can now focus on managing exceptions, instead of crunching data," Janaway added.
Paul Roberts, managing director of Milestone Group in EMEA, added: "Market conditions and increased regulation focused on integrity and transparency have caused firms to look for automated solutions for fund oversight. It’s important to recognize that just because something is outsourced with a trusted partner, that doesn’t automatically mean that all aspects of the oversight function are operating at maximum efficiency."
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