Helping a Mutual Funds Company Control Costs and Increase Flexibility

Helping a Mutual Funds Company Control Costs and Increase Flexibility

The client

The client is one of the oldest and most respected mutual funds companies in Canada. For over eighty years it has provided comprehensive financial planning and advice to individuals through a dedicated team of 4,600 consultants. The group has over $133 billion under management.

The challenge

As the mutual funds business grew, its investment managers needed to measure portfolio performance more frequently and in greater detail. This was primarily to support the investment process but enhanced performance measurement would also help with investment reporting and regulatory compliance. The company had outgrown its internal system of spreadsheets and desktop applications and required a more strategic solution.

Following an evaluation of several performance measurement systems, the client chose a specific third party solution. However, this left the challenge of finding a dependable source of index and benchmark data. The client chose RIMES which conducted a comprehensive evaluation of the client’s immediate and anticipated index data and benchmark requirements. The initial requirement included more than 500 indexes from most of the major industry vendors.

The solution

A detailed implementation plan was produced, which included a two-month period to load data for thorough testing by the client’s portfolio analytics team. The relationship with RIMES has addressed several data challenges simultaneously. An immediate benefit was freedom from the proprietary data formats and standards of individual vendors. RIMES has provided the client with increased flexibility by providing a customized service that cross-references GICs with ICB.

The benefits

Using RIMES BDS® has helped the investment managers gain a step-change improvement in productivity. Now investment managers can focus on the business of managing money, free from the burden of managing data. The client can add new indexes and benchmarks as required, confident in the knowledge that RIMES will manage on-boarding and operational delivery. In practice RIMES operates as an extension of the client’s data management function.

“RIMES is one of the best vendors I’ve dealt with, offering the right combination of data accuracy, flexibility and control.”