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GreySpark Partners, the capital markets consultancy, has released a report on the buyside portfolio management landscape analysing the leading vendor solutions in the Portfolio Management System (PMS) space.
The report assesses their functionality across portfolio capture, advanced analysis and portfolio modelling, data management, reporting, P&L calculation and risk management.
This report is based on a review of 15 vendor offerings in the portfolio management space. The vendors chosen for the analysis represent a variety geographical coverage and functionality. The selection includes both large global vendors and smaller local and niche vendors and is based on our assessment of leading solutions, either in terms of functionality, presence or recognition within the industry.
The emerging global regulatory picture for portfolio and investment management requires greater institutional agility and efficiency in operations and client servicing, while differing slightly in Europe and the US. In Europe, the Alternative Investment Fund Management Directive (AIFMD) focuses on developing an EU-wide, harmonised regulatory standards. In the US, the Dodd-Frank Act has changed the regulatory and reporting requirements of hedge fund advisers.
With the buyside evaluating their PMSs to ensure they are in line with regulatory demands, and therefore more compliant and efficient, GreySpark identifies a growing movement toward the integration of PMSs with buyside Order Management Systems and Execution Management Systems, developing links between the different aspects of the trading life cycle. This arises as more asset classes are traded across global markets, causing PMSs to become increasingly complex.
The report highlights the costly nature of developing PMS system solutions in-house as they can lack scalability and flexibility, or are simply more expensive in the long run. Purchasing a system from a third-party vendor allows additional advisory expertise and regular system updates. Under this model both enterprise and hosted platforms are available.
In its review of the vendor space, a growing trend shown by GreySpark is that there is a significant move toward developing risk management functionality, with 47 per cent of surveyed vendors planning for additional risk-management capabilities. GreySpark’s analysis shows a variance in vendor provision of PMSs to the buyside. Only 33 per cent of vendors surveyed have developed systems capable of catering for all buyside client types; conversely 20 per cent of vendors specialise to provide systems suitable for a single client type. Across these vendors 27 per cent offer a combined pricing option that includes two or more of licence, usage and module options that allows them to address all points of profit, assessing a wide spectrum of their clients’ activities.
Saoirse Kennedy, analyst consultant and co-author of the report at GreySpark, says: "The buyside are under increasing pressure from the regulators and clients, and we wanted to assess the technology landscape to establish a solid overview of how the main vendors can assist. Additionally, rising competition among vendors requires them to reconsider their market position and choose between specialisation and scale.”
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