Middle-office operations are critical to your business, but often bogged down by manual processes, paper documents, and human error. Artificial intelligence (AI), digital transformation, intelligent automation, and other next-generation technologies help address these challenges. There are a variety of ways to improve middle-office efficiency and accuracy, such as through outsourcing or hosting services. SS&C is hosting a selection of free webinars related to middle-office operations.
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AEOI compliance presents enormous challenges for financial institutions. First, there are the basic differences between FATCA, which targets only US taxpayers investing abroad, and CRS, which targets taxpayers from all participating countries investing in any other participating country. Interpreting the reporting requirements adds still more complexity, as they vary widely among different jurisdictions—such as the requirements for what is reportable or non-reportable. So do the definitions of accounts and individuals which must be reported. Moreover, as with all types of financial regulation, simply keeping up with changes and updates is an onerous task in itself. In such a tangled regulatory web, the risk of critical details falling through the cracks is acute.
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Retirement plan providers are outsourcing their recordkeeping platforms and servicing operations to address increasing competitive pressure, changing customer expectations and high technology costs. Outsourcing also allows plans to overcome challenges like finding and retaining IT talent, maintaining legacy systems, meeting new regulatory changes as they arise, and overcoming the fee compression that stems from higher sponsor demands without increasing pricing.
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The SEC has proposed new regulations that would require private funds to disclose to their investors—in standard formats and at standard frequencies—more information than ever required previously. This information includes fund performance figures, fees and expenses, as well as compensation details. Funds would also be required to undergo an annual financial statement audit.
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Every day, investment and wealth managers face multiple risks: competitive, market, regulatory, geopolitical, inflationary, credit and so on. They have enough risk on their investing plates without a side of operational risk added to the mix.
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We recently sat down with Jeff Hakala, CPA, CFA, Chief Executive Officer and Co-Chief Investment Officer at Clarkston Capital, and David W. Rumph, CPA, Director of Institutional Operations, Marketing & Strategy for Clarkston Capital to discuss their experiences selecting a series trust partner. Clarkston Capital Partners, LLC was looking for an efficient—and comprehensive—solution.
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Many asset managers are revisiting the option to have third-party experts manage some or all of their investment operations through outsourced or co-sourced managed services; the market is expected to grow by 7% annually through 2024.
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To stay competitive, many superannuation funds are choosing to either outsource their registry platform and servicing operations, or reevaluate their already outsourced administration service provider’s technology and services. As funds modernize their operations, they face obstacles like disparate legacy systems, high expectations from members, and a complicated web of regulations.
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