Linedata Services, a global leader in the financial technology market, announced today that it has signed an agreement with Commercial Union Mutual Funds Company (part of Aviva group) in Poland for its Linedata Compliance system.
Commerical Union Poland will use the Linedata Compliance system to manage its Polish mutual funds compliance operations.
Linedata Compliance is a fully integrated, multi-user compliance monitoring and management solution, which offers automated compliance checking against standard control libraries covering both global investment restrictions and local regulations. It is one of the integrated components in Linedata's front-office product suite, which also features LongView Trading for order management and electronic trading, and NavQuest for NAV control.
The Linedata Compliance functionality will allow Commercial Union Poland to identify active or passive breaches of regulatory investment restrictions or of the fund investment policy. Any breaches will be proactively managed through to resolution, using a powerful embedded workflow, which manages the breach case statuses, alerts the portfolio managers in real time, and dispatches all information to clients and counterparties through an advanced web reporting capability, for enhanced client service.
"After a meticulous selection process, we selected Linedata Compliance because of its extensive functionality coverage on investment restrictions and also its ability to deliver 'out of the box' the Polish specific fund compliance rules. We were impressed with the quality of the Linedata staff and comforted by their significant presence in the Polish market. In addition, as an existing user of Linedata's MFact fund accounting solution, we were delighted to get an off the shelf interface between the two solutions for maximum efficiency", stated Marek Wierzbolowski, Head of Finance and Operations at Commercial Union Poland.
Barry McConville, Managing Director of Linedata's Offshore Business for Northern Europe commented: "We are very pleased to welcome Commercial Union Poland to our growing Linedata Compliance client base. This win is further proof of our continuing research and development commitment to encompass the compliance rules of all main regions, and to build upon our presence in Poland, which has been the fastest growing European country in terms of new fund creation in recent years. We are convinced that other Polish financial institutions will be interested in Linedata Compliance as its functionality will enable them to save time, increase productivity, limit financial penalties and increase client satisfaction."