RIMES, the leading provider of managed data services for the buy-side, today announced the addition of QSuper, one of Australia’s largest superannuation funds, to the ranks of RIMES Benchmark Data Service® (RIMES BDS®) and RIMES Desktop customer roster. QSuper initially licensed with RIMES late in 2012 to cover the use of the customized FTSE Q-Diversified benchmarks via RIMES BDS to its custodian. These customized benchmarks were added to a private database on RIMES and managed constituent feeds of the FSTE Q-Diversified benchmarks delivered to QSuper’s custodian for use in post-trade compliance analytics.
In the middle of 2013, on the back of a short trial to validate the efficacy of broad adoption of RIMES BDS in-house, the AUD $46 billion dollar superannuation fund deepened its partnership with RIMES by migrating all benchmark feed requirements to RIMES for use with the StatPro’s performance attribution product.
“The mechanisms we were using to access benchmarks left many of the burdens of sourcing, downloading, transporting and quality assuring the data with QSuper’s internal teams,” explained Michael Cottier, QSuper CFO. “RIMES was easily able to demonstrate a significant reduction in the amount of effort required to expend, both in the implementation of new projects and on an ongoing basis in daily production. Overall, we’re net better off, having transformed inefficiently incurred and relatively high internal costs into a much smaller and more efficient subscription license from RIMES.”
According to Andy Barrow, Head of APAC Sales at RIMES, “It’s great to see these kinds of projects from superannuation clients. As the super world brings key investment management and investment analytics functions in-house, we certainly recommend the industry pauses to consider the risks of following the traditional benchmark data architecture with the use of in-house database storage and servicing of benchmarks. The modern data architecture should endeavor to reduce the amount of heavy lifting done by an in-house database, IT projects and internal operations teams, particularly as it relates to benchmark data.”
“Further, best practice in data servicing should acknowledge that both strong processing and also strong data governance are required to drive efficiency and business agility,” Barrow continued. “RIMES BDS, in conjunction with RIMES Data Governance Service, create an excellent environment within which to adopt best practice and delivers value, as opposed to price-based approaches to these traditionally very expensive issues. The key message that QSuper has understood is that servicing benchmarks in-house is a drag on efficiency, a waste of scarce and expensive resources and really something that the broader asset management community should move beyond.”
- What will Replace Libor and Eonia?
- The FCA Turns Up the Heat on Market Abuse
- Service Spotlight: New ESG Indices, A Series of Fund Launches and Seemingly Impossible Deadlines
- [INFOGRAPHIC] The Trends, Challenges & Solutions to Maintaining Market Integrity
- European Commission Adopts BMR Technical Standards