Fund data utility Silverfinch and Fundsquare have formed an alliance to promote their Solvency II solutions across Europe.
The Dublin-based Silverfinch and Luxembourg-based Fundsquare will jointly promote their “look-through” and “data utility” services, which are designed to help insurers and asset managers to meet the regulatory obligations of the Solvency II Directive.
Solvency II, which is scheduled to come into force on January 1, 2016, will require insurers to deal with a range of regulatory reporting requirements, and the partnership aims to create clearer connections between asset managers and insurers to ease this process.
John Dowdall, managing director at Silverfinch, says: “The simple reality is that Solvency II is about to create a new continent of data.
“Insurers are now in the process of addressing the issue and demands of look through, and asset managers will begin to see these requirements feed through in the coming months.”
Dowdall says that partnering with an organisation like Fundsquare, which specialises in fund market infrastructure, allows Silverfinch improved access to the broader European market.
Dominique Valschaerts, Fundsquare chief executive officer, says that asset managers in Europe need to evolve their operating models to make them more efficient.
He adds that having a pan-European standard data model for managers is an advantage. “This model has the dual advantages of allowing asset managers to retain control and of protecting intellectual property,” he says.
©2014 funds europe
