In addition to regulatory change projects (which were referenced by 93% of respondents), the other main priorities were data management (66%) and front office systems (52%).
Investit refers to renewed interest in front office systems as firms look to consolidate systems for greater efficiencies and resolve data inconsistencies. A major driver is to improve support for multi-asset strategies according to Catherine Doherty, Investit CEO, who says the company has been working with firms to design and support multi-asset products.
“After the UK Budget announcement that defined contribution pension savers will no longer be required to buy annuities, there is a great opportunity for fund managers to provide retirement income products. We expect a lot more work to go into supporting large scale multi-asset processes to meet this potential demand.”
A poll of the delegates showed that 64% had the Alternative Investment Fund Managers Directive (AIFM directive) as the regulatory activity causing most concern, followed by central clearing (Emir & Dodd Frank) with 41% and managing operational risk of outsourcing (36%).
The conference was attended by more than 60 senior management delegates from 24 top-tier investment managers and investment operations service providers.