Fund Recs announced that its Velocity platform will automate EMIR reconciliations for Neuberger Berman, a private, independent, employee-owned investment manager “with $418 billion in client assets.”
Completing an EMIR trade reconciliation is “integral to having effective oversight in place on the EMIR reporting process.” Regulators are “focusing heavily on data quality and firms need to ensure they have sufficient oversight in place to confirm that reported trades are complete and accurate.”
Fund Recs’ EMIR Reconciliation solution “supports the oversight process and gives firms the comfort their reporting meets an acceptable standard for the regulator.”
Fund Recs clients “benefit from being supported by a highly responsive and knowledgeable team to ensure their regulatory needs are being met.”
Fund Recs’ EMIR Reconciliation solution is “part of the Velocity platform.”
Velocity is “a set of cloud-based software modules that helps Investment Managers, 3rd Party ManCos, AIFMs and Fund Administrators to achieve straight-through reconciliations and data processing in their middle and back offices.”
Alex Duncan, EMEA Operations Director at Neuberger Berman said:
“We were looking for a provider who was able to support our continued drive to implement best in class solutions to meet our regulatory reporting obligations. Specifically for EMIR reporting, and given the broad nature of our business, we were looking for a partner to automate our oversight of delegated reporting across a wide range of funds and segregated accounts. Fund Recs have both the platform and the people to meet our needs.”
Fund Recs CEO, Alan Meaney, said:
“Neuberger Berman are a leader in the investment management industry, and we are delighted they have chosen Fund Recs to support their oversight obligations for EMIR. At Fund Recs, we are seeing accelerating interest and adoption of our regulatory solutions supporting EMIR, SFTR and ASIC. Data quality is a top priority for regulators globally and firms are looking to platforms, like our own, to strengthen the compliance and governance around their reporting process.”
As noted in the update, Fund Recs “develops cloud-based reconciliation software for the global Funds Industry, replacing outdated enterprise software with Software-as-a-Service (SaaS).”
The Fund Recs software “simplifies complex reconciliation and data transformation in the funds industry reducing the time to complete reconciliations by up to 90%.”
Fund Recs mission is “to automate and improve the valuation of funds. Founded in 2013 Fund Recs has offices in New York, Dublin and Waterford, Ireland.”