SEI (NASDAQ:SEIC) today announced the newest group of start-ups joining Codify, its London-based RegTech incubator. The wealth management firm reported that since its 2017 launch, Codify has established successful relationships, including its engagement with Cognitiv+ (Cognitiv) to explore components of artificial intelligence for the analysis and management of contractual obligations. Firms selected the following for the group:
- AllStreet: A provider of independent investment research on private and listed small-cap and investment vehicles, directly connecting owners of capital with the long-term needs of small business.
- KiteEdge: A company that utilizes an enterprise search platform for the asset management industry to find, collaborate and leverage content across complex organizations.
- KyoLab: A company that aims to bridge the gap between regulatory compliance and mobile messaging for regulated financial services companies by enabling audit trails and dispute resolution for digital communications applications.
- Lodestar Ecosystems: A firm that specializes in building robo-assistants for asset managers, traders and brokers to improve trade-flow productivity and helps users make informed buy and sell decisions.
- Waymark: A company uses artificial intelligence to help legal and compliance teams automatically and continually track, identify and analyze regulatory requirements, while identifying crossovers and conflicts between incoming regulations and making recommendations to ensure compliance.
Speaking about the new group, Ahsan Mallick, General Counsel at SEI U.K. and Executive Sponsor of Codify, comments:
“We are pleased to be working with Codify participants to test emerging technologies across SEI. These projects create opportunities to effectively analyze the latest, leading tech trends, with a view toward helping our clients reduce their development burdens and operating risks.”
SEI then noted that through its incubator it has developed and maintained key relationships, including Cognitiv, which joined Codify in late 2017. SEI reported it will utilize Cognitiv’s artificial intelligence capabilities to read, process, and summarise legal documentation, as well as identify, extract, and update critical legislative and regulatory data. Vasilis Tsolis, CEO of Cognitiv+, added:
“Wealth and asset managers are under continuous pressure to minimize costs and comply with numerous regulations. SEI’s insight into the needs of the financial services market, as well as their understanding of industry-wide contractual and regulatory requirements, enables us to develop algorithms that identify risks and opportunities across multiple agreements. We are excited to work alongside SEI to continue technology’s evolution in the legal landscape.”