Global Asset Management Standards has launched today with support from more than 20 firms, offering free, open-source best-practice resources intended to help asset and wealth managers address rising regulatory pressures and boost operational efficiency.
The not-for-profit initiative, supported by Schroders, Invesco, BNP Paribas and Brown Brothers Harriman (BBH), aims to help firms tackle regulatory and cost pressures by sharing best-practice tools that improve efficiency and collaboration.
The platform hosts a library of fund documentation templates, KPI frameworks, due diligence checklists and other resources that any industry participant can access, use and contribute to, free of charge. It also features an AI-powered tool to help users find information and apply it in their day-to-day work.
They’re intended to work alongside existing best-practice materials, not replace them, shared the provider. The initiative is volunteer-driven, with contributors from across the industry. Following its launch today, new resources will continue to be added.
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Some of the contributors outside of the board include Joe Hendry, country head, Brown Brothers Harriman (Luxembourg) S.C.A.; Gerard Green, head of global AML at Invesco Management S.A. and Findel Group’s chairman; and Alan Dundon, president, the Luxembourg Alternative Administrators Association (L3A).
“This is an open resource intended to make life easier for anyone in the asset and wealth industry. The resources are freely available and we welcome feedback and suggestions,” said David Ryder, volunteer board member of Global Asset Management Standards and Managing Director of Prospero Media Ltd.
“The ultimate aim is to improve the services and products that we, across the asset and wealth industry, deliver to clients. By reducing costs, increasing efficiency and focusing resources on looking after the clients and managing their money, the client gets better value for money and a more focused service. I would urge people across the global industry to participate by suggesting resources that would save them time and money. Contribute a little bit of time to share a resource if you have it, or to help produce, for example, a checklist, a guide, or a template that would be useful to you and your peers,” said Revel Wood, volunteer board member of Global Asset Management Standards and co-founder of One group solutions.
“For each resource that’s being produced (such as a checklist or a template), members of the respective group work in the dedicated, secure, online ‘room’. This allows all the members of that group to provide input and updates when convenient for them, while tracking the changes so that other members can follow the progress. Once all the members are happy with the resource they’re working on, they can publish it on the public part of Gamstandards.com.
Once published, the content immediately becomes part of an ‘AI ready’ knowledge base, allowing users to ask our AI Q&A tool questions and receive instant answers grounded in the collection. Anyone can then download the resource and, ideally, provide feedback. As the feedback comes in, the resource can be improved by the working group in their secure online room, and a later edition published,” added James Spanjaard, volunteer board member of Global Asset Management Standards and co-founder of Alis Exchange, the IT company that built the platform.
