SimCorp, a provider of investment management solutions and services, has launched Datacare, a new managed data service for global buyside firms, to help firms manage the increasing number of data challenges.
This is particularly true in the current environment where it is difficult to keep pace with rapid moving markets and endless flow of Covid 19 news. For example, the Dow closed down 13.74% in March, notching its worst month since October 2008 while it turned in a -23.2% for the quarter, its worst since the fourth quarter of 1987. Meanwhile, the FTSE ended the month almost 2,000 points below where it started the year, when the index was near the highest levels on record while pan-European Stoxx 600 dropped by 23% in its sharpest decline since 2002
“With market volatility impacting global markets, as seen recently, many firms are left with the uphill challenge of processing increasing volumes of market data, vital for decision-making,” says Josef Sommeregger, Managing Director for SimCorp Gain. Employing automated processes to support data management and maintenance is now more crucial than ever.”
He adds, “Sadly, the reality is most firms are having to painstakingly run manual processes in order to make sense of their data, and create actionable and insightful meaning from it. Datacare is targeted at relieving this expensive, time-consuming and distracting headache, together with the provision of data advisory, so that firms can once again focus their resources on the business of alpha generation.”
Simcorp developed Datacare in collaboration with Zurich Insurance Group and other global buyside institutions to provides a highly automated, multi-asset, front-to-back solution for market and reference data management. The aim is to offer operational efficiency, data advisory and multi-asset class coverage in one data management solution.
The data management challenges of the buyside have been well documented. This is particularly true regarding the handling of more complex and specialised multi-asset data, across multiple countries and regulatory jurisdictions. The situation has only been exacerbated by the increasing operational and regulatory data requirements. The result is that data operations teams have little time to focus on the more value-added tasks, such as advanced analytics.
As Michael Kopf, Chief Operating Officer of the Investment Management function of Zurich, says, “By having a trusted service provisioning day-to-day, standardised, but critical externally sourced data, we can now focus our resources on advanced data driven opportunities for Zurich’s Investment Management.”