Risk technology vendor Barra has released Enterprise Performance, billed as the first product to deliver investment performance analysis based on daily data.
The California-based company says performance reporting based on daily data has proven impractical for most firms using existing tools as the data requirement of daily valuation - 20 to 30 times that of monthly - dramatically slows the reporting cycle.
Barra Enterprise Performance follows from the acquisition of the Australian company, Investment Performance Objects, in December 2002. The new product analyses investment performance for multi-asset class portfolios along user-defined dimensions (asset buckets) and at the security level. It enables accurate daily performance attribution analysis and reporting that complies with industry standards, such as global investment performance standards (GIPS), says the vendor.
Piers Alsey, head of performance measurement at First State Investments, UK, one of several companies currently using the software, says: "Attribution reports can be produced on request; even a global report with over 2000 securities against indices can be completed in seconds."
Barra recently announced it was reducing its workforce by approximately nine per cent in a bid to deliver annual pre-tax cost savings of approximately $5 million.