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In response to growing demand from European wealth and asset managers who are facing increasing regulatory pressure, Broadridge Financial Solutions, Inc. (NYSE:BR), a global Fintech leader and part of the S&P 500® Index, is working with FundsLibrary, a leading provider of digital fund data and regulatory solutions, to develop a best-in-class offering to address the challenges posed by MiFID II Ex-Post Costs and Charges and Solvency II.
New rules around MiFID II’s ex-post disclosure have introduced greater transparency for investors and have also generated unprecedented scrutiny on the costs and charges that wealth and asset managers impose on their clients. In the initial phase of MiFID2 Article 50, more than 1,300 firms informed the Financial Conduct Authority of inaccuracies in their reporting.
Solvency II is also being enforced more aggressively in the wake of recent fund liquidity concerns. Alongside this, standards of completeness, quality and speed are also under scrutiny and reporting requirements are continually evolving.
“At Broadridge, we are focused on providing asset managers with innovative, data-centric solutions, and this new technology suite with FundsLibrary is a natural fit with our existing regulatory solutions capability,” said Philip Taliaferro, head of strategy, EMEA and Asia-Pacific, Broadridge. “Leveraging FundsLibrary’s Solvency II along with Broadridge’s MiFID II Ex-Post Costs and Charges solutions will help clients drive more efficient and cost-effective processes in regulatory reporting.”
“FundsLibrary’s aim is to continuously broaden and improve data, digital and regulatory services for the investment industry, either through our own R&D or through working with world-leading partners,” said Arun Sarwal, CEO of FundsLibrary. “We are very pleased to be working with Broadridge. With its global expertise in delivering solutions to their asset management clients worldwide and our expertise, this will be an exciting partnership for both parties.”
Broadridge’s European fund regulatory communications business provides regulatory expertise and distribution support solutions to over 70 clients worldwide.
FundsLibrary’s existing Solvency II clients include 15 of Europe’s largest fund managers and the service is recognised by industry consultants as a best-in-class solution.
