A joint study by business systems house Idea Group and financial consultancy Devlin Mambo has shown data quality and availability to be the leading governance concern of participating asset management firms.
The unanimous conclusion of the study of five mid to large European asset management firms highlighted the need for comprehensive, universally available data, structured to meet what are perceived to the most significant new challenges around regulation and fund competitiveness.
Participating firms were asked to share their perceptions about their most pressing regulatory and governance challenges and how these are being dealt with in the short and long term. With the backdrop of ever increasing regulatory focus on product governance, all were in agreement that their overriding issue is the need for comprehensive, universally available data provided in the right format to meet what are seen as ever-growing compliance challenges.
Commenting on the study's findings, Idea Group Managing Director Ian Lyall said:
"I'm pleased we were able to partner Devlin Mambo to produce this 'whole picture' snapshot of the main issues facing leading asset managers. Our research reflects many of our recent conversations with the industry which demands global data is available for all that need it."
Graeme Devlin, Managing Partner of Devlin Mambo added:
"Accurate and accessible product information is more important than ever for our industry. This is key to being able to evidence activity and control through the entire product lifecycle and governance process. Our joint research with Idea Group leaves me in little doubt that this has been an area of underinvestment and, as such, it now needs to become a focus for the entire industry."
Click to read the full study report: 'Key Issues Affecting Product Lifecycle and Governance in Asset Management'