CloudMargin has onboarded US asset manager PPM America (PPM) onto its cloud-based collateral management platform.
PPM, the subsidiary of UK-based Prudential managing $9.3 billion of commercial mortgage loans and real estate investments, is now using the platform for its entire collateral management margin workflow, collateral optimisation and trade reconciliation with counterparties and clearing banks.
“We’ve been able to provide PPM with a one-stop solution for all things collateral, from calculating margin to meet Variation and Initial Margin requirements, to reconciling trade-level positions, to enabling the firm to automate its collateral processes, including sending payment instructions directly via SWIFT to its various custodians,” said Steve Husk, CEO, CloudMargin.
The Chicago-based asset management had engaged in a search for a collateral management solution that would accommodate its bilateral OTC derivatives, cleared OTC derivatives, exchange-trade derivatives, and master securities forward transaction agreements (MSFTA) for mortgage-backed securities.
In addition to utilising the gateway to SWIFT, PPM is also using CloudMargin’s global collateral hub to access margin call messaging and collateral payment processing tools provided by AcadiaSoft MarginSphere.
PPM is the latest high-profile client to join CloudMargin’s platform, following the move by Deutsche Bank to partner with the cloud tech-vendor for its collateral management operations.
Deutsche Bank became the first of the major global banks to adopt cloud technology for collateral and margin management, as part of the German bank’s global transformation and cost savings programme.