Here’s some news from Council member company Confluence:
Confluence, the global investment management industry’s leading provider of automated data management solutions, announced recently that the Principal Financial Group® has deployed the Confluence Unity™ Post-Trade Compliance solution, which has enabled the company to further demonstrate their commitment to rigorous compliance, while avoiding a 14-fold increase in costs.
Unity Post-Trade Compliance automates the process of testing investment managers’ portfolios for compliance with regulatory and investment limit restrictions.
Prior to implementing this solution, The Principal®, which manages 112 funds with 614 share classes, was completing testing on a manual basis, using multiple spreadsheets and time-consuming data checks. To achieve the level of compliance they desired, they needed to increase the monitoring frequency for several tests. As a result, they discovered that manual systems would no longer meet their needs. They wanted the flexibility to do multiple tests each day, refresh data more often, and to add funds or comply with new rules without expanding their employee base. And they needed to achieve that flexibility without dramatically increasing payroll costs.
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