Bloomberg LP, PwC and SS&C Technologies and other firms have come together to form a working group for data management.
The Data Management Working Group for the Alternatives Industry (DMWGAI) will look to develop and promote data management best practices and governance standards and will aim to reduce data management costs.
The group marked its launch with a gathering of more than 150 senior hedge fund industry executives who discussed how the group can address regulatory and cyber risk and apply operational efficiencies.
Marshall Terry, founder and interim head of the DMWGAI and managing director, chief operating officer and chief compliance officer of Rotation Capital Management, explained more than 250 executives representing hedge fund management firms, hedge fund allocators and industry service providers registered for the January kick-off.
Terry added the response and feedback to the launch was “well beyond what any of us expected.”
The group’s current initiatives include the creation of an online forum where industry participants can discuss and ask questions around data management.
A survey will also be conducted to determine the hidden costs associated with poor data management practices across the industry.