Promark Global Advisors ("Promark"), with over $125 billion in assets under management (AUM), has selected GlobeOp Financial Services (LSE: GO.) to provide independent valuation assessment services across a portfolio of more than 20,000 unique securities.
Promark and its affiliates provide customised global investment management services to institutional investors, predominantly pension plans. Promark is focused on managing pension plans using asset and liability management solutions and developing customised investment programs for each client, as well as providing investment management for specific mandates, most notably alternative investments such as real estate and absolute-return strategies.
"We believe that independent valuation and greater transparency into the price determination process are key to our clients and to the services we provide," said Mike Connors, director, Investment Operations at Promark. "In my opinion, GlobeOp presented the solution to our requirements for comprehensive product coverage, accuracy and timeliness in providing an independent valuation analysis across large and varied portfolios. These criteria are essential when obtaining additional prices to affirm the validity of our primary pricing sources. Additionally, GlobeOp offers a SAS 70 Type II-certified technology platform and will generate pricing analytic reports that enable our valuation committee to focus on exceptions. This analysis will also help support our year-end audit preparations."
"The size and diversity of Promark's portfolio presents unique challenges," said Jon Anderson, GlobeOp head of Valuations and OTC Derivatives. "GlobeOp's relationships with multiple data and pricing vendors create broad product coverage and enabled us to develop a comprehensive solution. We combined our experience serving some of the most complex clients in the hedge fund industry with a robust scalable infrastructure and well-defined processes. Our independence and controls offer investors and auditors the type of valuation assessment they are demanding. The management reports and granular detail that support the valuation analysis facilitates Promark's management oversight of the valuation process. The data also helps thehem determine corrective action and process improvements related to material issues such as specific price discrepancies and exceptions."
GlobeOp's customised weekly and month-end report packages to the Promark valuation committee will include stale pricing, tolerance testing, and analyses of price discrepancies, market data and valuation sources.