LUSID, which stands for ‘Liberated Unified Secure Investment Data-machine’, is a new cloud-based asset management platform which will replace existing in-house software and hardware.
LUSID will dramatically cut operational and capital costs, modernise capability and liberate managers from infrastructure worries to concentrate on their core competency - asset management.
LUSID was built to become a market utility. Just as no business would think of installing its own water supply, nor should fund managers endure the pain and huge expense of installing, updating, staffing and worrying about systems for recording and accessing investment data. These are non-differentiating activities and their costs will be mutualised by LUSID, using the very latest technology and security protocols.
LUSID’s game-changing modernising benefits which no other contemporary system can claim, meet the needs of today’s portfolio complexity.
Key Benefits include:
• ‘Real time, every time’: valuations, transactions and analyses are in real time
• LUSID never forgets: every transaction or data change is immutably recorded, kept in a bi-temporal store. The effect of any change on holdings, then or now, is instantly available
• Open APIs: LUSID adopts an open Application Programming Interface model facilitating integration with best-of-breed third-party products
• Compliance enabled: LUSID’s ‘never forget’ structure means compliance is built-in, not bolt-on. It captures and maintains data in a way which makes future compliance needs easy to access
• State of the art security: FINBOURNE implements best practice, built on top of Amazon Web Services’ world class physical security
• By granting freedom from charges for technology updates by removing the distractions of running infrastructure which enables asset managers to spend more time researching investment decisions
• By removing the entire idea of product upgrades
• From the common problem of conflicting inherited legacy systems. LUSID is unified giving asset managers a single source of truth for portfolio accounting and reference data. This allows institutional investors, asset owners and servicers to fulfil fiduciary duties through a definitive record of all their core data
• Through scalability: asset managers need not worry about having capacity to handle increased business. LUSID will grow with you to any scale
• By simplifying budgeting: we will offer increased transparency on costs AND a reduced total cost of ownership
LUSID competes in the global investment technology market where FINBOURNE estimates fund managers spend more than US$40bn annually. This is a significant part of overall costs charged to clients - costs which are under scrutiny by both regulators and institutional investors. LUSID by FINBOURNE has been created to offer solutions to both cost and data transparency exigencies.
Benedict Nielsen, co-founder comments: “Expectations from regulators, clients and risk managers have changed the market, and we need to call time on asset managers continuing to spend their days managing technology, rather than concentrating on their clients’ money. We’re not adding a bolt-on tactical solution to a systemic challenge. LUSID is a step change that addresses industry-wide dysfunction. It is the foundation for future innovation for the benefit of the customer”.
Thomson Reuters adds: “FINBOURNE’s values of openness and collaboration closely align to those of Thomson Reuters. We are excited by the ability of their LUSID™ technology, which will transform the way asset managers handle data now and in the future.”
Incorporated in December 2016, FINBOURNE has taken on a significant external funding round from some leading investors and is currently in active contract negotiation with some of the world’s foremost asset managers and financial services companies.
LUSID launches with backing from high-profile corporate and personal investors including Thomson Reuters, Frontline Ventures, Keith Morris, Chairman of Sabre Insurance, Chris Fleming, Vice-Chairman, Nomura Europe and noted Silicon Valley investor, Roger Allen. FINBOURNE was created by three seasoned financial services executives all of whom at one time worked at UBS.