Financial Models Company (FMC), the Tornto-based provider of technology to the fund management and securities services businesses, says KAS Bank – the Dutch custodian with more than Ђ220 billion in assets under custody – has selected FMCSylvan for performance measurement and attribution, as well as FMCPages for automated client statement generation.
FMC says it eclipsed eight vendors in a 15 month search. Through detailed analysis via an RFP process, the list was subsequently reduced to three firms who were each asked to undertake a proof of concept.
“Ultimately, FMC was selected because of the tight level of integration among the various FMCSylvan modules, the sophisticated analytical and reporting functionality and its ability to simplify interfacing to investment accounting systems and index data,” says an FMC spokesman. “The superior quality of client statements generated by FMCPages and the ability to fully automate report generation and distribution further differentiated FMC from other vendors. Another key factor was FMC’s strong track record in serving the investment management community and its extensive client base. KAS Bank is part of a growing trend among custodian banks seeking to broaden their product portfolios with value-added services to the investment community. KAS Bank will offer performance measurement and attribution services including comprehensive indices customisation, stock level attribution and automated data integrity checking. In addition, KAS Bank plans to add FMC’s market-leading Fixed Income Attribution module next year.”
Through a browser-based interface, FMCSylvan offers performance measurement, attribution, risk and regression analysis via the Web. Users can calculate a range of attribution results, including both additive and geometric methodologies, from the overall portfolio level to the individual security level.
FMCPages is aimed at high volume institutional and retail client reporting. It seeks to enable fund managers and custodians to generate highly individualized and timely client reports, FMCPages delivers top quality paper-based statements, interactive web-based reports and sophisticated MS PowerPoint presentations.
“We took a considerable length of time in arriving at our decision to select FMC for performance measurement and client statement generation,” says Henk Boelens, head of asset management and reporting for KAS Bank. “In the final analysis, FMC’s solutions offered the best functionality, ease of use and will be the most efficient to implement and integrate into our existing infrastructure.”
“KAS Bank has a sterling reputation as one of the most sophisticated custodians in Europe. We are delighted that they have recognised the edge our products can give,” adds Phil Banas, managing director of Financial Models Corporation Limited, FMC’s UK subsidiary. “Performance measurement and client statement generation are key areas where a firm can differentiate itself from its competitors. Equipped with the best solutions in the industry, KAS Bank and their clients are sure to gain tangible benefits over the years ahead.”