Investment adviser Metropolitan West Capital Management has simplified its communications with more than 50 custodians through the use of Evare's connectivity managed service offering.
To deliver the service, Evare has established a technical contact and electronic link at each custodian. Data flows travelling between the investment manager and its custodians are now collected and normalised for direct download to the Metropolitan West accounting system.
"I don’t understand why the custodians can’t standardise on a single data platform," says Roberta J. Kistner, director of operations, Metropolitan West Capital Management. "At first I didn’t believe that Evare could deliver what they were saying, but was eventually convinced and have been grateful ever since."
Using the Evare service, Metropolitan West now receives electronic updates on client account activity on a daily basis, instead of the monthly paper statements it received previously. The investment adviser says it can now invest positive account balances more quickly, and has a better view of withdrawals, saving its client’s money in overdraft costs. It also says overall reconciliation time has improved by 35% since it began using Evare.