Getting ahead in fund pricing | AIM Research Lab 1
AIM Research Lab
Advanced Information ManagementHow fund administrators can reduce the operational costs
of meeting regulatory requirements and significantly reduce
manual exceptions
Getting Ahead in Fund Pricing
Olivier Kenji Mathurin
Getting ahead in fund pricing | AIM Research Lab 3
Performing under pressure 4
Overcoming boundaries of legacy environments 5
The role of price governance 7
Addressing the new operational imperatives 8
Case Study: Competitive edge at European Fund Administration 9
Leveraging technology 10
Contents
Pricing and regulations 6
Faced with greater regulatory scrutiny, increasing workloads, more sophisticated client requirements and continued pressure on costs, fund administrators are heavily challenged to improve their operational efficiency across alternative and traditional funds to keep service quality levels high.
With fund managers looking again to create new products, fund administrators are in a unique position to act as trusted providers: They can away the regulatory burden (from Solvency II to AIFMD, FATCA and UCITS), and provide fund managers with the enhanced services required to rebuild investors’ confidence.
Industry consolidation over the past few years has led to fierce competition in fund administration sector, with clients showing little remorse for switching provider. Fund administrators must innovate to keep their clients and exploit new sources of growth.
With the growing importance of transparency in fund valuation, a core service like the net asset valuation (NAV) calculation of a fund takes on a new central role. Investment in pricing control and data governance is a proven way to differentiate from the competition.
To stay ahead, firms must overcome legacy environments to reduce the amount of manual interventions, reduce the costs of meeting regulatory requirements, and reach their efficiency, costs and transparency objectives while building new foundations for their future services.
This paper discusses approaches for asset management firms and their service providers as they invest in pricing systems, be it as part of a broader project to centralize data management while striving to rationalize their multiple portfolio systems, or simply as they upgrade to a more modern infrastructure. Finally, it presents the case of a leading third-party fund service provider that has leveraged targeted data management technology to offer a tailored NAV calculation service scalable for growth, while establishing a competitive edge by significantly improving efficiency, flexibility and transparency across all of its operations.
Case study:
»Competitive edge at European Fund Administration«
See page 9 for details
Introduction
EXECUTIVE SUMMARY
Fund administrators and their clients experience increased workloads and unprecedented pressure on cost. As a result, they need to do more with less. At the same time, emerging
regulatory demands raise the transparency bar: Financial institutions are increasingly challenged to demonstrate the sources, models and
methodologies used for portfolio pricing and valuations calculations. The new demands put great strain on existing systems and often incur unacceptably high and expensive levels of manual intervention.
Enhanced service levels in portfolio pricing can help differentiating service offerings and improving customer service. Legacy environments are
characterized by multiple portfolio accounting systems that make portfolio pricing inefficient and the quest for a reliable ‘investment book of record (IBOR)’ almost impossible to fulfil.
Fund administrators and portfolio managers have an opportunity to deploy a centralized data management approach that streamlines their portfolio pricing activities and build a framework for achieving IBOR.
Centralized data management like AIM Software’s GAIN addresses the portfolio pricing inefficiencies of legacy accounting systems, in particular the high levels of manual exceptions.
Performing
under pressure
From the challenges in daily operations
to the imperative to innovate
Regulatory pressure, rising
workloads and cost pressure
Transparency on fund valuations remains a major focus of investors and upcoming regulations worldwide, creating pressure on the fund industry to improve its processes.
The trend towards weekly and daily NAV calculations continues to be a challenge, as fund managers come under pressure to boost transparency of their fund valuations in the light of recent market volatility. For fund administrators, the result is significant growth in the number of NAV deliveries per day (+15% to 28% per month from 2011 to 2012, according to a Funds Europe Magazine survey in 2012), which as a consequence raises the number of manual interventions required in the portfolio pricing process.
In addition, regulations of increasing complexity and depth affect the investment industry across the board. On one side, administrators must ensure that required compliance changes are applied almost on a daily basis. This adds further overhead due to additional manual activities, particularly when a large number of current systems and processes are not designed to do this effectively. On the other side, each new regulatory control creates additional price exceptions requiring manual intervention, further increasing the operational overhead.
Furthermore, growing client pressure for lower administration fees squeezes costs, limiting the options open to administrators as they seek to absorb the additional workload while maintaining service quality levels.
Fund pricing is a time-critical function. Cost containment pressures and increasing workload challenge business operations efficiency. Administrators,
striving to reach higher rates of straight-through processing (STP), seek relief in technology investments.
Increasing demand for
personalized service
Fund administrators face rising demand for non-standard requests and more personalized services. These can range from more sophisticated pricing requirements, as clients and investors develop new approaches to asset allocation and risk management, to the support of less common products such as dual-priced funds invested in small or developing markets or money market funds.
A survey conducted by RBC Investor Services and Accenture shows that product customization is perceived as an important-to-critical feature by a majority of fund managers. Funds – particularly smaller players – are likely to require a wider range of tailor-made services, opening doors for niche service providers.
Offering personalized services is one way of avoiding the downward spiral in fees that typically accompanies an increasingly competitive market. With the growing focus on transparency of a fund’s valuation, tailor-made NAV calculation is more than just a valid proposition for capturing growth: it has become a strategic priority.
Innovating with both
enhanced service levels and
personalization
In the face of intense competition, fund administrators must innovate to secure new sources of growth, either by onboarding greater volumes from existing customers or by attracting new clients. They must concentrate on
establishing unique elements to their service to be more attractive in particular niches.
Fund managers look for administrators capable of providing a one-stop shop for all their funds’ needs, and they are increasingly challenging their current service provider. A recent survey by Centaur Fund Services shows that 58% of fund directors have actually terminated an administrator’s contract due to poor service and accountability.
Offering increased levels of accuracy, transparency, and responsiveness with lower fees have become key differentiators for NAV calculation offerings. Many firms achieve this through heavy investments in standardization, which often reduces operational flexibility and can result in higher fees for non-standard and personalized services for the clients.
Having a model that offers both personalized services and enhanced service levels, with the operational scalability to support higher volumes while keeping costs down, becomes a competitive advantage.
More efficient, flexible and scalable operations require the support of a flexible technological foundation. For most firms, this would require them to overcome the limitations of their existing environment.
»More efficient, flexible and
scalable operations require
the support of a flexible
technological foundation.«
Getting ahead in fund pricing | AIM Research Lab 5
Overcoming
boundaries of
legacy environments
Enabling rapid deployment of key outcomes
Portfolio accounting systems
are inadequate
Fund administrators can struggle to reach their automation, flexibility and cost objectives when existing accounting systems are pushed to their limits to absorb the increasing volumes and to deal with sophisticated client demands that exceed their design limitations. For a long time, fund administrators have relied on innovative technology, adopting a best-of-breed approach and partnering with software providers where appropriate. They have sought to build unique IT landscapes to support business agility, operational efficiency and scale, while lowering both headcount per fund and total cost of ownership.
Looking for cost reduction, fund administration firms have often asked their accounting system providers to add specific data processing capabilities to their core packages. Pushed far beyond the limits of their design, bespoke pricing solutions become heavily dependent on internal IT resources for ongoing maintenance and future improvements. This situation leads to a dilemma, as every attempt to increase the STP rate for reducing manual interventions further becomes increasingly complicated and costly to achieve, leading to further custom development, which in turn entails further increases in risk, delay and maintenance costs.
The situation becomes even more dramatic when firms are required to provide transparency around their valuations processes. While such regulatory demands are increasing, a large number of current systems are still unable to demonstrate effectively how a price was calculated and controlled, which in the best case involves unacceptably high costs of overhead in manual tasks.
Many firms are now seeking faster, more modern and more flexible solutions. While core business applications support the standardization of operational processes and reduce data integration costs, staying at the cutting edge of competition involves the ability to combine leading-edge technology with existing systems – bei it for centralized data management, portfolio pricing, IBOR or specific business applications.
Redundant systems,
dispersed organization
In recent years, firms have been adopting distributed operational approaches with local centers of excellence, even going so far as to create specialized subsidiaries to help emerging fund managers as they expand into alternative investments. This has resulted in fragmented organizations with multiple portfolio accounting systems, all performing the same function. This is especially often the case in global firms that have gone through various mergers and acquisitions. This situation drastically limits the outcomes of local automation initiatives, complicates the understanding of where a regulatory change was applied, leads to inconsistent prices even for the same fund, and impedes the delivery of responsive client services.
As centralizing the process produces the business outcomes, firms are placing renewed emphasis on centralizing pricing activities outside their accounting systems, turning instead to dedicated pricing hub systems.
Central data management
program
Many fund administrators have witnessed the convergence of operations and systems for traditional and alternative
activities. The centralization of their data activities across pricing and transaction data has lead to the initiation of central data management programs.
The growing need for enhanced data access has driven many fund administrators to seek more flexible architectures enabled by data management solutions. These can complement the capabilities of existing business applications designed for core operations such as accounting. The result is improved data connectivity, increased flexibility to manipulate and transform data, and faster integration of new data types and asset classes, while protecting past investments in the core systems. However, the specific challenges service providers face in managing multiple clients simultaneously – which requires them to execute on various sophisticated pricing policies within tight timeframes – often requires heavy adaptation of data management platforms designed for more generic pricing needs in order to deliver keeping promises of efficiency, cost, control and transparency. Years of experience of using data management platforms have led many firms to understand the true cost of maintenance. Over time, the promise of flexibility offered by these systems can turn into significant customization to support fast-changing business imperatives.
Modern data management technology vendors have learned these lessons, understanding the key role of targeted business applications delivering demonstrable business outcomes.
»Firms are placing renewed
emphasis on centralizing
pricing activities outside
their accounting systems.«
Pricing and
Regulations
Will you be able to justify your valuations
when the regulator comes calling?
Pricing & Valuation:
Target #1
For the asset management and the asset servicing communities, the emphasis on regulations on pricing and valuations has never been as strong as today:
AIFMD, the set-up of transparency
practices already existing in UCITS – but now apply to the alternative investment world,
IFRS 13 (ASC 820 or Solvency II), which
restricts the use of models in valuation by imposing a fair valuation hierarchy that favours market quotes over assumptions,
EMIR, which introduces the need
to challenge the CCP price through benchmark pricing or to derive the best execution price for clearing.
Common compliance
requirements on Pricing
The common ground of these regulations is twofold:
1. Implement Compliant Processes
On one side it’s about applying compliant procedures such as:
Compliant pricing methodology (fair valuation hierarchy, on most liquid market first etc.),
Consistent pricing collection across all asset classes and fund types,
Appropriate checks and controls, Escalation measures between the different participants in case of differences.
When new regulatory requirements emerge, it is all about being fast in aligning the processes and technology while limiting the impacts on the daily operations: adapt the existing pricing policies, add new checks, utilize new data sources or define new price selection hierarchies, change the workflow on price policy changes etc.
2. Transparency
On the other side it’s about transparency in both the price governance and the price collection processes. Transparency is required:
Annually with accounting disclosures requiring that pricing policies are documented and available up front to investors through the fund’s prospectus
Due diligence meetings conducted ad-hoc, requiring deep dives review of pricing methodologies in use and review of historical information, On a daily basis, with clients
requesting the methodology applied to derive a price they received last week.
In this case, the key is the capacity to collect, aggregate and provide the information without impacting the business in terms of providing the required audit trail, logs and information to respond swiftly to the demand.
Addressing the new
operational challenges
Implementing this continuous flow of new compliance requirements becomes an increasing pressure and overhead for pricing operations units, due to the increasing frequency, the granularity, the range of asset classes and the shrinking timeframe to comply with changed requirements.
Extending the life cycle of
existing systems
A lot of firms, especially in Europe, face the double challenge of having to adapt, combined with pressure on costs. This situation often leads to huge costs for changing and tactical solutions with very limited value beyond the compliance aspect.
Firms must extend the life cycle of
existing systems and save on investment. However, when renewing the technology is out of the budget scope or too onerous, an alternative approach allows extending these systems with a separate, flexible and complementary application such as a dedicated pricing solution.
Central platform for pricing
governance, operations and
transparency
Fragmented organizations, multiple locations and redundant systems – across alternative and traditional units – are also common obstacles when implementing compliance requirements. These situations often lead to redundant activities, inconsistency in processing, and a very cumbersome access to disparate information, which makes transparency a constant challenge.
A modern solution to this is having a central pricing application, acting as a starting point for governance, operations, and transparency across all asset and fund types.
Compliance as opportunity to
capitalize on new capabilities
Finally, it’s not just about compliance: It’s also about improving operational efficiency by reducing the workload introduced through more regulations, more disclosures, more checks and more frequent NAV calculations.
It’s also about differentiating the offering versus competition, with more reactivity to onboard new portfolios or new clients, offering tailored services, or having more transparent and flexible SLAs.
Compliance in pricing must be seen as an opportunity to build new capabilities. These new capabilities can be capitalized to enable new service offers and strategic initiatives.
Getting ahead in fund pricing | AIM Research Lab 7 The valuation process has two main
aspects:
Price collection covers the mechanical process of collecting prices from agreed sources at agreed times.
Price governance covers the process by which the pricing policy, controls, and responsibilities are defined; disputes and issues are escalated and resolved.
The price collection process is documented in the pricing policy and provides for pricing sources, cut off times etc. on one hand, for hierarchies, tolerances, escalation procedures, approvals and manual processing for all relevant asset classes on the other hand.
New extended role for
pricing policies
Recent market volatility and mounting pressure from institutional investors have forced fund managers and hedge fund managers to focus on the adoption of a standardized pricing and valuation methodology, leading to the creation of pricing committees and the documentation of pricing policies. The pricing policy captures the agreed valuations procedure between the fund manager and the fund administrator, describing for each asset class: the price sources to be used, the quality controls including cross-checks between two sources, and the tolerances to be applied.
Increased pressure from investors for more transparency on valuations has put pricing policies into a new central role.
Improving price and
data governance
In many firms, the price collection process is spread between different specialized local units and systems: Applying a change on a pricing policy often involves and impacts different systems and requires IT resources to apply and spread the changes. This makes it difficult to answer client inquiries properly regarding which policy and which changes have been applied to any given NAV calculation, to address a claim or to produce supporting documentation for an auditor. Such an IT dependency also impacts the ability to react to client requests or to ensure regulatory changes are in place – in our time where responsiveness has become a key selling argument.
Businesses require more control over processes, and so demand is growing for a downstream-driven and process-based approach that empowers pricing managers to have full and direct control over pricing policies.
Mastering pricing
policies
Pricing policies play a central role in client services, transparency, regulatory compliance, efficiency
and quality control. Adopting better control and data governance support for pricing policies is the way to differentiate from the competition. Among the best practices are: Setting up a central repository for
all pricing policies, across all types of funds and asset classes. This establishes a single entry point to create, maintain and change pricing policies. From this central repository, pricing policies can be shared with all parties involvd in the calculation. This ensures a consistent usage of the same version of the pricing policy by all actors.
Giving pricing managers full control over the pricing policies, without relying on IT availability. This reduces the time to apply a change and therefore speeds up the time to onboard a new client, a new fund or a product.
Automating procedures and controls to apply on pricing policy changes: ‘four-eye validation’, data lineage, and versioning etc. This allows a strong governance on policy changes.
Such practices can provide evidence of consistent, high-quality and compliant valuations. The added benefit is providing management insight and support for reporting across fund accounting and administration. Furthermore, pricng policies can be used to expose audit information to clients and their investors to satisfy demands for greater transparency.
Finally, pricing policies ease the management of individual pricing requirements and enable tailor-made NAV calculation in an efficient and scalable way.
Price
Governance
The process by which the pricing policy, controls, responsibilities, disputes, and issues are escalated and resolved.
AIFMD IFRS 13 / ASC 820
Price
Collection
The operational process of collecting prices from agreed sources at agreed times. AIFMD IFRS 13 ASC 820 UCITS Compliant Process Transparency Transparency Compliant
Process
Portfolio
Pricing
Asset Manager Fund Accountant Investors Pricing
Policy Net AssetValue
External
Valuers InternalValuers VendorsPricing
Ev aluat ed Prices (Futur es, V ariance S waps …) Mark et Prices (S
tocks, Bonds, Cash
)
Addressing the new
operational imperatives
Delivering demonstrable business outcomes
Flexibility to adapt
In response to the changing operational requirement,s and to take advantage of new developments in technology and management approaches, fund managers and their service providers re-evaluate their data management needs. Nowadays many seek to adopt modern data management platforms, either across the board or in a targeted manner designed to address a specific business issue. Implementation of a data management platform may form part of a broader enterprise data programme that seeks to adopt consistent technologies, processes and standards across all operations. Elsewhere, firms may be seeking to address inefficiencies and high exception rates caused by the use of multiple portfolio accounting systems throughout their organization, often as a result of past mergers and acquisitions activity. Adopting a modern data management platform can centralize portfolio pricing in order to ensure delivery of consistent pricing regardless of legacy accounting systems.
In some cases, firms will seek to replace these aging systems, which may not be up to the challenge of today’s demanding environment, implementing a new pricing platform in the process.
Finally, firms seeking to embrace IBOR understand the need to underpin their approach with a robust and fit-for-purpose data aggregation and management capability that is consistent with its other data processes.
Pricing governance
and central control
With the stress on transparency – of pricing sources, valuations methodologies and transaction details – funds and their service providers need to demonstrate how their processes and procedures work in practice.
In the area of portfolio pricing, establishing strong governance and control can help ensuring that pricing policies are transparent and fully audited. Firms require more and more support for stronger operational practices such as four-eye validations and role-based set-ups. They also need the flexibility to react rapidly to new regulatory demands from AIFMD, MiFID, FATCA to UCITS etc. A modern data management platform introduces the flexibility and control required for regulatory compliance and internal audit.
Efficient pricing operations
At the base level, firms benefit from more efficient business operations. They need ways to streamline operations and to reduce manual interventions created by short NAV cycles and regulatory changes. In addition they need to be able to adapt quickly to changing client and regulatory requirements.
As such, it is important for a data management application to be designed to fit the business requirements. It needs to be intuitive for end users. It also
needs to improve validation rates with more advanced checks so that STP rates rise and manual interventions dwindle while maintaining the service quality and keeping system costs down.
End users and administrators need more intuitive ways to handle exceptions, to identify the most critical tasks faster, to monitor workloads and to react swiftly to redirect team efforts. AIM Software’s experience is a reduction in manual exceptions up to 80%.
Responsive customer service
As well as internal business efficiency, adopting a modern data management infrastructure must result in improved client service: Better responsiveness to changing client needs, and enhanced capabilities for customization or tailored solutions, while meeting SLAs.
For fund administrators, flexibility is the key, since pricing policies and the specific requirements of IBOR will be different for each client, or indeed each client portfolio. This creates the dual requirement for operational flexibility and reliability on the IT infrastructure.
Strong ROI and low risk
Whether or not they use a fund administrator, fund managers want quality of delivery for portfolio pricing and IBOR. To show value to their own clients, asset managers need consistent, predictable and firm-wide data in support of portfolio valuation and IBOR. From their service providers they expect fast go-to-market capabilities and low total cost of ownership (TCO). By adopting »packaged« business applications around data management, fund administrators have an opportunity to help their clients respond quickly to new opportunities, keep costs low, and extend their standard processes across all portfolios and operations.
By adopting modern data management technologies, fund administrators – and indeed fund managers – can start to enjoy real business benefits in terms of operational efficiency and flexibility, improved client experience, and optimized and consistent quality across all business lines. This extends not only to portfolio pricing but also to transaction data, helping firms achieving the goal of establishing a reliable investment book of record.
Getting ahead in fund pricing | AIM Research Lab 9
Competitive edge
delivered through innovation
European Fund Administration
Faced with greater regulatory scrutiny, increasing workloads, more sophisticated client requirements and continued pressure on costs, the daily pricing operations of fund servicing organizations are heavily challenged. As a result, they need to do more with less. European Fund Administration (EFA) was no exception to this rule.
European Fund Administration (EFA) is an independent third-party fund administrator managing more than 2,600 funds worth over €100 billion on behalf of more than 200 clients. EFA leads the outsourcing market in Luxembourg, Europe’s largest fund servicing centre. The firm was looking to improve daily operations across all portfolios and to offer tailored NAV calculations as a key differentiator. AIM Software’s GAIN Portfolio Pricing solution helps EFA to achieve these goals.
Developed through a strategic partnership with AIM, the software product is focused on pricing multiple portfolios and offering premium capabilities across a range of important functions.
Central pricing application
Central pricing platform with strong connectivity
Externalizes the pricing activities outside of the accounting system
Single communication point for all external data providers
Central point of validation and data quality with detailed data lineage
Efficient business operations
and exception management
Reduced manual workload and minimization of duplicated price validations across portfolios Library of pricing checks and
validations (benchmark, materiality checks…)
Prioritization of tasks according to their level of importance
Rapid publishing of completed portfolio valuations to the accounting team
Enable tailor-made NAV
calculation offering
Asset allocation on a per-client basis, covering the client‘s asset classes, data sources, checks, tolerances etc. Comprehensive user interface for
pricing managers to create and accommodate pricing policies by portfolio and client
Modular parameterization model enabling the reusability of components
CASE STUDY
Efficient exception management Support of tailor-made NAV calculation
offerings
Centralized pricing sources on a single platform across all types of funds and securities
Business drivers
Central multi-portfolio pricing application
Comprehensive user interface for pricing managers to adapt pricing policies without needing the IT department
Comprehensive management of
pricing policies and support of pricing governance (track changes in policies, audit, four-eye…) for all types of funds Enhanced validations (e.g. benchmark
tests or materiality checks)
Prioritization of manual interventions based on a range of parameters such as cut-off times or impact on portfolio valuation
Monitoring of daily operations across all portfolios for full management insight
Solution
Manual exceptions are significantly reduced while quality controls are improved
Prices are consistent across all types of funds and securities
Improved transparency level to auditors Custom and sophisticated pricing
policies can be accommodated per fund or per client
New services can be offered to provide further access and transparency on pricing policies
Lower cost of ownership through use of a packaged solution from AIM Software
Business benefits
Facts:
2,600+ funds to price 900 funds priced daily 84,000 holdings Portfolio Pricing Data Vendors SIX VDF SIX IPS Bloomberg Reuters EOD | Intraday Internal Valuations Independent valuations Excel XML / CSV Valuation System Pricing Policy
Master Exception Handlingand Monitoring
Acquire
Business Managers Pricing Team
Select
Control
Central Pricing Hub
Pre-built STP Chain Accounting System GP3 NAV Processing NAV controls and calculation Bookkeeping Data Warehouse Reporting
Contact us
[email protected] www.aimsoftware.com Follow us: @AIMSoftware
AIM Software is one of the leading providers of data management applications to the asset management and asset servicing community since 1999. Solutions include software for reference data management, financial instrument pricing and corporate actions. With more than 110 client references, and offices in Switzerland, Austria, Luxembourg, France and the UK, AIM operates globally and offers low risk all-in-one software packages, based on its industry-proven data management platform GAIN.
HEAD OFFICE Gonzagagagsse 16 A-1010 Vienna Austria LONDON 18 King William St. London EC4N 7BP United Kingdom LUXEMBOURG
10A rue des Merovingiens, L-8070 Bertrange PARIS 28 rue Meslay F-75003 Paris France ZURICH Badenerstrasse 760, CH-8048 Zürich Switzerland [email protected] www.aimsoftware.com Follow us: @AIMSoftware
Leveraging
technology
Targeted data management applications
to deliver on key requirements
AIM Software, a provider of data management applications for the fund management and asset servicing community, has been working closely with its fund administration user group to address the specific pricing requirements for an efficient NAV calculation. AIM has also been discussing client needs for creating IBOR, as firms move to establish more robust risk management policies. With the demand for higher levels of automation, faster configuration changes, and more efficient system operations in mind, AIM developed GAIN Portfolio Pricing, a business application designed for pricing multiple funds. It supports
pricing teams in driving automation further, empowers pricing analysts to control the pricing configuration without relying on IT and provides a central point of control, quality and transparency for the pricing of all kinds of funds.
Acting as a single point of communication with external data providers, GAIN can also collect evaluated prices from internal teams in order to select and validate the prices of all asset classes across all types of funds. Its comprehensive data connectivity capabilities provide new options for transparency on fund pricing by exposing pricing policies and audit trails to client portals and reports.
Being this central hub for fund pricing, GAIN provides a unique module dedicated to the management of multiple pricing policies. This allows for fast onboarding of new funds, while ensuring consistent control, detailed transparency, and data lineage on pricing policies for each portfolio. It enables, for instance, European Fund Administration in Luxembourg to scale their business effectively, offering a tailored NAV calculation service to their clients and the market.
About the author
Further reading
Olivier Kenji Mathurin is Head of Product Marketing at AIM Software. He joined AIM in 2009 and is responsible for AIM’s product positioning, assisting buyer informational needs, deal assistance and post-launch interaction with customers. He leads the AIM Research Lab that investigates challenges on regulations and competition and develops new solutions. Prior to AIM he was consultant at Logica Business Consulting. There he supported the execution of master data manage-ment programs at several international French firms (CAC40) from various industries including manufacturing, retail, energy and insurance. Mr Mathurin speaks French, English and German. He holds a Master Degree in IT from the University of Paris-Sud Orsay and an Engineering Degree in Innovation Management from the Technology University of Compiègne.
Fourth Annual Global Fund Administration Survey, 2011 – Deloitte
http://www.deloitte.com/assets/Dcom-UnitedStates/ Local%20Assets/Documents/FSI/us_fsi_FourthAnnual GlobalFundAdministrationSurvey_101311.pdf
Hard Work at the Coal Face: The challenges of the past year, 2011 – Funds Europe Magazine
http://www.funds-europe.com/magazine-by-issue/201-april-11/9644-hard-work-at-the-coal-face
Fund administration in Ireland survey 2012: Managing uncertainty – Deloitte
http://www2.deloitte.com/ie/en/pages/about- deloitte/articles/irish-funds-industry-buoyed-new-business-growth.html
Fund Administrations: a stable market, 2012 – Funds Europe Magazine
http://www.funds-europe.com/magazine-by- issue/269-april-2012/10799-fund-administration-a-stable-market
Outsourcing opportunities and strategies – Global fund manager survey report, February 2011 – RBC Dexia Investor Services & Accenture
http://www.accenture.com/us-en/industry/Pages/ insight-outsourcing-strategies-fund-manager-report. aspx
Hedge Fund Journal speaks with Centaur
http://centaurfundservices.com/hfj-speaks-with-centaur-2012
