Aviva Investors have implemented a new multi-broker, integrated Commission Sharing Agreement (CSA) and Share-of-Wallet management software solution from Commcise.
The software comprises a complete commission management suite that allows Aviva Investors to efficiently manage increasingly complex relationships with its brokers. Aviva Investors chose Commcise to help provide greater transparency over its clients' commission spend. Commcise assists investment managers, brokers and independent research providers to demonstrate improved compliance with the changing regulatory landscape and evolving market practices.
Managing CSAs has historically involved juggling spreadsheets, trade reconciliations and payment processes every month. Many firms have traditionally operated manually intensive processes but, with the increased regulation and transparency requirements, firms are now finding this process difficult to scale and monitor with any confidence. Commcise provides a browser-based, hosted in the cloud solution to this time-consuming and costly industry problem for both the buy-side and their end clients.
Katie Pollock, Counterparty Risk, Derivatives and Broker Relationship Manager at Aviva Investors says: "We chose Commcise because it provides Aviva Investors a robust, fully audited method of managing our commission spend with more than 20 CSA brokers and covers all aspects of our CSA process: everyone involved, including Aviva Investors teams and all our brokers, can log onto the same system and record their data in one place. It replaces a complex set of processes and spreadsheets and provides instant clarity on our financial position and offers a robust solution that aligns with the industry's direction of travel".
"It is increasingly important for asset and investment managers to have transparency and clarity of ownership with clients' commission money, and to show accuracy regarding where and why commission is being spent." says Amrish Ganatra of Commcise LLP. "Commcise integrates trade reconciliation, invoice payment, commission management, broker voting, commission budgeting and broker pack reporting into a s single integrated solution and provides an independent and broker neutral answer to all of these needs enabling firms to adopt a set of best-practice business processes."