Investment management consultancy Citisoft is proclaiming the successful completion of an unusual hub-based performance measurement and attribution system at Newton Investment Management in London.
Newton's new performance environment not only provides daily stock-level attribution but also enables enterprise-wide data management and clear reporting. It is now being considered for global implementation by Newton parent company Mellon Global Investments. Citisoft has supported Newton through RFP development, system selection and implementation.
The project revolved around the installation of a customised version of Eagle Investment Systems' Web-based securities data hub and protfolio management solution Pace.
Howard Mannion, Citisoft project manager, explains: "The selection of a data hub system for performance and attribution may be unconventional, but it has worked well for Newton. We have been able to take advantage of the data management capability of Pace to achieve Newton's goal of data enrichment. Daily stock level attribution is thought of as the holy grail, but Newton felt that having the data was not enough in itself - fund managers needed to be able to identify the important figures and create reports easily too."
He says Newton and Citisoft worked closely with Eagle to achieve high quality reporting based on the data management functionality of the Pace package, thus improving the accountability of Newton's managers. "This would have been much harder with conventional performance measurement systems," he adds.
Mark Smith, vice president and global head of performance measurement at Newton's parent company Mellon Global Investments says the approach has enabled the firm to take the next step in attribution by improving the usability of the data and risk analysis.
He adds: "The success of this project is evidenced by the fact that we are looking to use Pace as a global analysis and delivery platform for Mellon Global Investments, and linking this to Mellon's fund management subsidiaries."