Globalization with SimCorp

GLOBALIZATION
OF INVESTMENT
MANAGEMENT
FIRMS
OVERCOMING THE CHALLENGES
OF ENTERING NEW MARKETS

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Globalization with SimCorp

EXECUTIVE
SUMMARY
This paper looks at the status of globalization in the investment management industry,
highlighting why it is relevant, what approaches market leaders are taking, and the
challenges involved in developing a global operating model.
With no one-size-fits-all approach to globalization, firms need flexibility and scalability across all aspects of an operating model in order to service their clients and their
needs depending on the market they are entering. This paper looks at four possible
global operating models currently being used in the industry and examines their
strengths and weaknesses.
Particular attention is paid to a firms IT system, how it supports the global operating
model, and the strategy behind it. To deal with the high degree of complexity
involved in managing global operations, an agile and integrated IT system that
supports new processes and organizational stretch is vital for firms to succeed.
This paper offers food-for-thought to investment management firms wanting to either
enter new markets or improve upon their current global operations, by raising awareness of some of the important issues and challenges involved. It also offers some more
practical pointers on how firms can tackle the challenges from an IT perspective,
including how an investment book of record (IBOR) supports global challenges.

TAKING ADVANTAGE OF
NEW MARKETS
FROM 2007 TO 2012, AUM IN EMERGING
MARKETS GREW AT AN ANNUAL RATE
OF 8% COMPARED TO 1% IN MATURE
MARKETS.1

8%

Globalization with SimCorp

GOING GLOBAL
Developed markets have been fighting off recessions since the financial
crisis. At the same time, investor demands to regain some of the losses
suffered in the crisis have forced investment management firms to look
to new markets and new offerings.
While the financial crisis also hit emerging economies
and brought them down from their double-digit growth
rates of the early 2000s, they continue growing significantly faster than developed markets, increasing
their attractiveness as investment venues.
The shift in investment preferences emphasizes a
winnertakes- all trend, with investors rewarding firms
that continually deliver upon expectations. In addition,
a tougher competitive environment is raising the bar
on client services to satisfy the modern investor who
lives in a more integrated and digital world where low
cost and transparency are imperative.
Consequently, investment management firms must
reassess their operating models and make critical
choices to their future (global) direction. An operating model increases in complexity on a global scale
as firms need to develop new processes of managing
their organization, strategy, and technology platform.
This paper discusses some key considerations for investment managers in the process of globalizing their
operations and for establishing a profitable global
operating model based on best practices and industry
insights.

WHY IS GLOBALIZATION RELEVANT?

The unpleasant facts are clear: net revenue has remained flat and operating margins are just barely up
at pre-crisis levels.2 Despite these hard conditions,
investors continue to demand increased returns from
investment management firms,3 forcing them to diversify their product offerings, expand their geographical
footprint, and reconsider how their operations can
support these new complexities.

Persistently low interest rates and a significant shift

in investor preferences have increased the interest of
specialties, solutions, alternatives, and passive products.
The net new inflow of capital has remained modest
since the financial crisis with 2013 showing growth of
1.6%.4 However, overall AUM growth has been driven
primarily by asset appreciation and has now returned
to pre-crisis levels.
With projected growth rates of up to 10%, emerging
markets have become increasingly popular and are
having a significant impact on the investment management industry.5 From 2007 to 2012, AUM in emerging markets grew at an annual rate of 8% compared to
1% in mature markets.6 Based on these numbers, firms
are taking action. In a 2014 PwC survey of investment
management CEOs, 31% of respondents indicated that
China would be the most important new market for
their businesses within the next 12 months.7 In addition,
25% of respondents were planning deals in Southeast
Asia, 22% in Central and Eastern Europe/Central Asia,
and 13% in Latin America,8 showing just how global
investment management firms are becoming.

Globalization with SimCorp

WHICH MARKETS ARE FIRMS PLANNING ON ENTERING?

Central
Europe

22%

22%

Eastern Europe

22%
Latin America

13%

GLOBAL EXPANSION IN THE INVESTMENT

MANAGEMENT INDUSTRY
According to McKinsey,9 there are three factors which
are crucial for firms to grow:
Investment performance as key driver of flows
Decision on where to compete
Sales alpha or distribution excellence
McKinsey found that the decision on where to compete drives around 30-40% of the growth, meaning
globalization of investment strategies is a must.
Investment management firms are responding to
client appetite for emerging market opportunities
and demanding IT systems that operate consistently
across different markets.
Globalizations impact on the industry is clear; any
firm not thinking globally risks missing out on new
revenue streams. Globalization may not be a new
trend or term, but its relevance to the investment
management industry is now piquing the interest of
many firms wanting to go global.

HOW MARKET LEADERS HAVE APPROACHED

GLOBALIZATION
Investment management firms already operating in
multiple markets have valuable insights to offer in
terms of how they have developed various aspects

Central Asia

25%

Southeast Asia

of their global operating model. By the end of 2012,

the 20 largest investment management firms in the
world controlled 49% of global AUM up from 35% a
decade ago.10

EXPERTISE AS COMPETITIVE ADVANTAGE

There is a clear tendency that expertise is a key driver
behind growth in market share. Leading US investment management firms have captured a significant
share of the European market due to their expertise
in fast growing asset classes. McKinsey has found
that top performers in the market are taking steps to
globalize the investment management function by,
among other things, strengthening the Chief Investment Officer (CIO) role to encapsulate more CEO-like
responsibilities.11 With an increased focus on risk management and product innovation, these leading-edge
CIOs are enabling sustainable, long-term investment
performance.

Globalizations impact
on the industry is clear; any
firm not thinking globally
risks missing out on new
revenue streams.

Globalization with SimCorp

THE GROWING IMPORTANCE OF THE CIO

Structure and roles

From a vertical to a
horizontal organization

Capabilities
Deeper integration within
and outside the investment
engine

Investment process
Towards more
industrialization

How the environment is changing

How asset managers are adjusting

Organizations mere global and less

US-centric

CIO role expanding to investment CEO

Investment themes increasingly global

Research industrialized, deeply

specialized and monetized

Client demand for deeper asset allocation

and outcome-oriented strategies

Interactions between investments, products

and solutions become critical

Need to better integrate insights across

roles and geographies

Technology a differentiator for integration

across asset classes and geographies

Clients ask for more sophisticated risk

management and analytics

Pole of risk dramatically increased

Larger, multifaceted investment teams

with greater specialization

The portfolio manager as portfolio

conductor: less sole idea generator,
more systematically leveraging input
from research and trading

Source: Searching for Profitable Growth in Asset Management: Its About More Than Investment, Alpha McKinsey (2012)

The research function within first-mover firms is becoming more industrialized, specialized, and monetized, moving away from generalist regional teams
towards specialized global teams that capture and
process perspectives on specific asset classes for the
entire organization. McKinsey notes that top performers are also taking steps to globalize their organizational capabilities by breaking down regional silos to
ensure a higher degree of coordination across geographies and asset classes.12

TECHNOLOGICAL BASE
Market leaders are reevaluating their portfolio administration operations and system environments and
utilizing technology with the purpose of overcoming
global challenges. Because emerging markets are not
homogeneous, firms are differentiating their capabilities by assessing their skills and deciding how best
to approach each market on an individual basis.13 To
succeed on a global scale, investment management
firms must be able to build, develop, and scale new
functionality in an accelerated way (in months, not
years). Technological advances are helping resolve
previous challenges such as time zones, currencies,
and regulation, making the running of a global investment firm more manageable.

MANAGING DATA
Market leaders are also developing their data management programs to establish a truly global footprint,
realize benefits from cost management programs, and
ensure compliance with global and local regulation.
EY recently noted14 that data is one of the top priorities among investment management firms, including
data quality and accuracy, timely availability of data,
and effective data governance.

REGULATION
Entering new markets may require local compliance,
adding significant complexity to the operating model.
In their survey, PwC found that 46% of CEOs believe
that the growing regulatory burden has hampered
their ability to innovate and improve product and
service delivery.15 With regulatory compliance only set
to increase, market leaders have developed operating
models capable of supporting multiple regulations
simultaneously. The Boston Consulting Group notes
that investment management firms need to have procedures in place, which supports multiple regulations16
in order to reduce the cost burden as well as provide a
competitive advantage over slower competitors.

Globalization with SimCorp

Research is shifting away from generalist

regional teams and towards specialized
global teams that synthesize global
perspectives on a specific asset class
for the entire investment engine.
SEARCHING FOR PROFITABLE GROWTH IN ASSET MANAGEMENT
McKinsey (2015)

Globalization with SimCorp

INDUSTRY MISTRUST
The trust model within the financial services industry
has come under attack since the financial crisis. As a
result, clients have looked to more passive investment
options such as exchange-traded funds (ETFs) and
demand lower costs and increased transparency. At
the same time, governments have imposed stricter
regulatory oversight.

investment management
firms need to have procedures
in place, which supports multiple
regulations in order to reduce
the cost burden as well as
provide a competitive advantage
over slower competitors.
STEERING THE COURSE TO GROWTH,
GLOBAL ASSET MANAGEMENT 2014
Boston Consulting Group (2014)

EMERGING MARKET PRACTICES

Going global typically challenges firms with additional
costs, complexity, and time-to-market delays. Market
leaders have had to adapt their product offerings to
local regulations, distributors, and the needs of local
investors.17 First-mover investment management firms
have struggled with real-time support of multiple
time zones, understanding local trading and clearing
practices, and ensuring local regulatory compliance.
While many emerging markets may have sophisticated regulation and a sound settlement infrastructure in
place, there are still many challenges in the post-trade
area before settlement.

Additionally, many investment management firms with

a disparate and dysfunctional IT setup are struggling
with internal mistrust, for instance portfolio managers
not trusting the data used to make their investment
decisions. A survey by CEB TowerGroup found that
73% of users did not find reports and dashboards of
any value mainly because of flaws in the data foundation.18 In a 2014 assessment of financial institutions
and their operating models, Bain & Company framed
the issue as follows: in most financial institutions, significant gaps exist between the businesss aspirations
and what they can realistically accomplish. Executives
demand greater speed and agility, but their IT departments are unable to deliver, resulting in frustrations
and mutual distrust.19 These signs of internal and
external mistrust in the industry must be resolved on
the domestic front before expanding globally.

ALTERNATIVE OPERATING MODELS

If the demand for access to foreign markets is temporary, then there are quick fixes which can help investment management firms. However, if the demand is
persistent then firms face a series of questions which
will challenge the operating model of going from domestic operation to a global entity.

The global scale and

complexity of a multi-country
organization require a carefully
designed operating model.
STEERING THE COURSE TO GROWTH,
GLOBAL ASSET MANAGEMENT 2014
Boston Consulting Group (2014)

According to the Boston Consulting Group, The global

vscale and complexity of a multi-country organization
requires a carefully designed operating model.20 The
following section investigates four potential models for
firms expanding globally and rates their strengths and
weaknesses on an operational level.

Globalization with SimCorp

DIFFERENT MODELS TO EXPAND GLOBAL OPERATIONS

MODEL 1 GAIN ACCESS TO EMERGING MARKETS VIA LOCAL PARTNERSHIPS

In order to quickly gain access to a new market
without huge setup costs, many firms outsource a
mandate, or parts of it, to a local investment management firm.21 This option allows firms the flexibility and
scalability to get up-and-running quickly and take advantage of a partners local knowledge about market
structure, opportunities, and regulation. The downside is that margins are squeezed and data sharing is
complex. Recent studies have shown that outsourcing is more likely to be costlier than in-housing the
operation. CEM Benchmarking found that for every
10% increase in internal management the investment
management firm gained 3.6 basis points in net value
added.22 According to PwCs survey of CEOs, 46%
said that they planned to engage in a joint venture or
a strategic alliance within the next 12 months.23

ACCORDING TO PWCS SURVEY

OF CEOS,

46%

SAID THAT THEY PLANNED TO ENGAGE

IN A JOINT VENTURE OR A STRATEGIC
ALLIANCE WITHIN THE 12 MONTH

PROS

CONS

Quick to setup

No real-time decision making

Gain from local expertise

Lack of total control

Low initial cost of entry

Data management challenges

Regulation is dealt with by local partner

High ongoing costs

High reliance on partnership

MODEL 2 BUILD EXPERTISE AT OWN HEADQUARTERS

To maintain total control of investment decisions and
data, some firms prefer to base global operations out
of their head-quarters. While a firm can scale their
operations under this scenario, they have limited flexibility. This model requires firms to invest in the development of new skills or hire new full-time employees

with specialist expertise in the new market. Centralizing operations in a single time zone may limit a firms
capacity to implement a follow-the-sun operation, and
lack of a truly local presence may affect the ability to
really know the market - even in such a globalized
world, having feet on the ground is sometimes vital.

PROS

CONS

Full control of the operation

Restricted from trading in markets where local presence is

mandatory

Acquisition of skills

Limited ability to implement a true 24-7 operation

Control data

Time needed for new skills to become familiar

with the new market/products

Option to instigate cost management programs

Lack of local expertise

Ability to focus on risk management culture and practices

Unable to gain local customers

Globalization with SimCorp

MODEL 3 SET UP OWN OPERATION IN A LOCAL MARKET

Establishing a branch with locally employed expertise
is expensive but can have long-term benefits if firms
are committed to the market. Because this model
makes it easier for IT compatibility and data control,
investment management firms can improve portfolio
performance due to optimized data management and

real-time decisionmaking. The process of acquiring

skills in a new market can be time-consuming and
costly, possibly limiting the flexibility and scalability
needed to adopt new asset classes and satisfy investor demands.

PROS

CONS

Integration to corporate strategy and operating model

High cost of entry

Ability to get new customers

Need to acquire skills

Options for shared services

Limited flexibility and scalability

Enablement of 24-7 operation

Focus on activities outside of current core business

MODEL 4 ACQUIRE A LOCAL INVESTMENT MANAGEMENT FIRM

Acquiring a local company saves firms from the
hassles of establishing a new branch from the groundup, allowing them to buy into an existing client-base
and accessing knowledge and intellectual capital on
regulation and market insights. Acquisitions can be
expensive and take time to integrate into the buyers

organizational structure and IT system. Mergers and

acquisitions (M&A) is a hot topic among investment
management firms with the PwC survey of CEOs finding that 25% expected to complete a domestic M&A
and 17% expected to complete a cross-border M&A in
the next 12 months.24

PROS

CONS

Access knowledge and intellectual capital

Costly investment

Fast access to new market

Investment in intangible assets may turn out to be diluted

Buy into an existing customer base

Flexibility and scalability

Globalization with SimCorp

IS THERE AN IDEAL GLOBAL OPERATING MODEL?

Analysts agree that the ideal operating model depends
on the individual business structure and needs.
Whatever the model may be, the vital element is that
the organizational setup, investment strategy, and IT
system can support each other on a global scale.
To benefit from globalization, the investment management firm needs to adjust its operating model and establish the right modus operandi. Firms must identify
the market trends, define and decide on the strategy,
match it with internal capabilities, and develop the IT
infrastructure capable of enabling the global strategy.

The Boston Consulting Group outlines six

possible design choices which firms should
consider basing their target operating model
upon.25
Flexibility to adopt new or unique assets and
strategies
Scalability to handle more AUM, trades, and funds
Focus on core activities and outsourcing
non-core activities
Emphasis on a risk management culture and
practice
Creation of opportunities for superior investment
performance
Management of costs and enhanced efficiency

Firms wanting to run a successful global operation

must realize the importance of a strong IT platform
if they want to gain long-term competitiveness and
maximize the use of the 24-hour clock for business
processes. The ideal operating model equips the
investment management firm with flexibility and
responsiveness to changing global trends and investor
demands. Whether you outsource, acquire, setup a
local branch, or manage operations from headquarters,
your IT systems should act as a key enabler.

Whether you outsource,

acquire, setup a local branch,
or manage operations from
headquarters, your
IT systems should act
as a key enabler.

10

Ad-hoc solutions may satisfy the demands of today,

but in a fast-paced globalized world, can they support an investment management firm five years from
now? The IT aspect of a firms global operating model
needs to be front-of-mind when expanding into new
markets, otherwise firms put at risk the very same
revenue they are in pursuit of.
The following section looks at the role an investment
book of record (IBOR) plays, and identifies other key
requirements for an IT system capable of supporting a
global operating model.

GLOBAL ADVANTAGES OF AN IBOR

In a global operating model, an IBOR acts as a key
enabler of effective investment strategies and cash
forecasts. An IBOR delivers control over investmentcritical information by centralizing intraday positions
across all asset classes into a golden copy.
Having access to such valuable information ensures
that a firms global investment strategy can be run
as part of an integrated system, and not a set of silos
that do not (and cannot) communicate with each other.
Having an IBOR that produces intra-day views on
portfolios and positions becomes even more important with a globalized operating model, where endof-day positions in one region may be start-of-day in
another.
According to Chartis, there is a tendency that
outsourced end-of-day risk calculations are being
insourced again, driven by the need to perform
accurate and near-real time calculations for decision
support.26 A globally integrated IBOR allows firms to
offer intra-day risk and pre-trade risk calculations to
the front office, ensuring effective use of available
cash reserves.

Learn more about the investment book of

record and its ability to provide a single
source of truth from the front to back office.
Visit SimCorps IBOR Portal to find analyst insights,
white papers, webinars, and articles.

Globalization with SimCorp

11

KEY REQUIREMENTS FOR AN IT SYSTEM

Whatever operating model a firm chooses, there are
practical challenges that need to be overcome. The
main questions are: Can your investment management
system support cross-border operations, and do you
have the operational expertise to do so?
The investment management firm of the future will
benefit greatly from being operationally agile and
flexible as these competencies add to their competitive advantage. In their report Investing in the Future,
KPMG notes some core requirements for a global operating model. The requirements involve a robust core
platform, which can be customized to meet increasingly diverse client needs. Second, the operating platform
must support a rigorous focus on data management
and the ability to extract and utilize data, which is
generated around the clock in the globalized operating
model. Third, the organizational setup must enable and
support the challenges of performing proper risk management created by increased geographic expansion.27
Without these key features, firms stand little chance of
succeeding globally.
A global operating model crosses different languages,
currencies, regulatory jurisdictions, and tax rules. Being
able to adapt to these challenges in one system is a
challenge, but vital if you are to succeed.
The requirements for executing the ideal operating
model for your business can be split into two areas:
how your IT system supports business requirements
and the operational expertise needed to enter new
markets.

SYSTEM SUPPORT
Performance reporting
Being able to handle multi-currency reporting and adjusting to local calendars is imperative to give an accurate view on the portfolio performance, ensuring a high
degree of trust, based on one consolidated system.
Risk management
The need for intra-day and pre-trade risk calculations
in the front office becomes even more vital in a globalized model of multi-asset class portfolios, driven
by the need to perform accurate and near-real time
calculations.
Accounting/tax accounting
Operating in several jurisdictions requires compliance
with local accounting and tax rules. In order to comply
with client and local authorities, your IT system needs
to handle and report on multiple tax rules.

Language support
While English, Arabic, French, and Spanish are the
most common official languages, there are still many
other official languages in countries around the world.
In emerging markets, an English user-interface may
not be sufficient, and local authorities often require
reporting in the local language. A global IT system
needs to support multiple languages.
Currency risk and multi-currency support
Overnight decisions by central banks can have a
dramatic effect on currencies, therefore currency risk
needs to be incorporated into the overall risk assessments. A global IT system needs to support multicurrency trading, clearance, and settlement, as well
as allowing multiple currencies in a single portfolio.
Country risk
In turbulent times, operating models need to handle
stress tests based on extreme scenarios such as a
country defaulting on its debt.
Scalability
Some systems come under strain from cross-border trading. Simple trade flows become complicated multi-leg transactions which has consequences
for system performance, database capacity, and
third-party connectivity costs.
Multiple regulatory jurisdictions
Regulation continues to increase and compliance
becomes even more complex in a globalized operating model. Investment management firms need an IT
system that enables them to be compliant within several jurisdictions simultaneously and to integrate new
regulations when expanding into new regions.

Globalization with SimCorp

12

PwC predicts that

by 2020, regulators will
have real-time access to
investment portfolios giving
them full transparency.
FIT FOR THE FUTURE - ASSET MANAGEMENT INDUSTRY SUMMARY
PWC (2014)

Globalization with SimCorp

PwC predicts that by 2020, regulators will have realtime access to investment portfolios giving them full
transparency.28
Risk and performance measurements and reporting
Domestic operating models already require timely risk
and performance information. The need for intra-day
and pre-trade risk calculations in the front office becomes even more necessary in a globalized model of
multi-asset class portfolios.

OPERATIONAL EXPERTISE
Settlement
Clearing and settlement in foreign markets involve
a network of counterparties and require extensive
knowledge of market practices. Be aware that crossborder settlement is significantly more costly and
complex than for domestic trades. Although some
emerging markets may have established automated
settlement practices, there is no international standard
and many continue to have fragmented regulatory
frameworks.
Post-trade processing/asset servicing
There are no international standards in post-trade processing and asset servicing. Each market or firm may
have developed their own mechanisms or systems to
manage post-trade processing. Check what the local
practices are and whether they can be automatized.
If the local systems rely on non-standardized phone,
email or fax confirmations transmitted via legacy
technology they may lead to costly mistakes.
Operational support
To support all time zones, your organizational setup
needs to be able to support volume peaks across all
markets. In addition, to mitigate operational risk you
need to be able to automate as many processes as
possible to achieve straight-through processing levels
comparable to domestic levels.

13

Conclusion
Globalization as a term suggests a world that is
getting smaller and more connected. However, in
an industry as complex as investment management,
smaller doesnt necessarily mean simpler. Developing
a new operating model to encompass all the challenges of globalization is no easy task. Market leaders
have struggled with managing multi-jurisdictional
regulation, data, expertise, and technology to create
an efficient global operating model. The rewards of
increased alpha, however, makes these challenges
worth overcoming.
There is no one-size-fits-all approach to globalization,
so the notion of an ideal operating model does not
exist. Instead, firms need to approach it on a case-bycase basis and decide for themselves which model
gives them the flexibility and scalability that best suits
their business needs. Firms should assess their product
portfolio, organizational setup, investment strategy,
client base, and internal expertise to decide on the
best way forward.
The four models listed in this paper offer food-forthought but are by no means the only options out there.
Firms can pick and choose based on the markets they
enter. What should be clear however, is the underlying
importance of a firms IT system as a key enabler in
overcoming many of the practical challenges.

Globalization with SimCorp

14

1 McKinsey (2012), Searching for Profitable Growth in Asset Management:

Its About More Than Investment Alpha http://mminst.org/sites/default/files/
Searching_for_Profitable_Growth_in_AM.pdf

22 CEM Benchmarking (2012), How Large Pension Funds Organize Themselves:

Findings from a Unique 19-Fund Survey http://www.cembenchmarking.com/
Files/Documents/How_Large_Pension_Funds_Organize_Themselves.pdf

2 Boston Consulting Group (2014), Global Asset Management 2014 Steering the
Course to Growth https://www.bcgperspectives.com/content/articles/financial_
institutions_global_asset_management_2014_steering_course_growth/

23 PwC (2014), Fit for the future

3 Celent (2014), The Continuing Quest For $100 Trillion AUM

http://www.celent.com/reports/continuing-quest-100-trillion-aum

25 Boston Consulting Group (2014)

Boston Consulting Group (2014)

5 Roland Berger and EY (2012), Asset Management opportunities in new realities

http://www2.eycom.ch/publications/items/banking/2012_asset_management/
2012_EY_Asset_mgmt_in_new_realities.pdf
6

McKinsey (2012)

7 PwC (2014), Fit for the future - Asset Management Industry summary
http://download.pwc.com/ie/pubs/pwc-17th-annual-global-ceo-surveyasset-management-analysis.pdf
8 Ibid.
9

McKinsey (2012)

10 Ibid.
11 Ibid.
12 Ibid.
13 EY (2014) Managing complexity and change in new landscape
http://www.ey.com/Publication/vwLUAssets/EY_-_7_big_changes_to_
asset_management_operating_models/$FILE/EY-Managing-complexity-andchange-in-a-new-landscape.pdf
14

EY (2014)

15

PwC (2014), Fit for the future

16

Boston Consulting Group (2014)

17 Ibid.
18

CEB TowerGroup (2014), Realizing the Potential of Data Management

19 Bain & Company (September, 2014), Rebooting IT: Why financial institutions
need a new technology model http://www.bain.com/publications/articles/
rebooting-it-why-financial-institutions-need-a-new-technology-model.aspx
20 Boston Consulting Group (2014)
21

EY (2014)

24 Ibid.

26 Chartis (2015), Creating Competitive Advantage With Risk Management

http://go.fincad.com/risk-as-a-competitive-advantage-on-demand-thank-you.
html?utm_source=marketo&utm_medium=email&utm_campaign=WN%20
2015-02%20Risk%20as%20a%20Competitive%20Advantage&mkt_tok=3RkMMJWWfF9wsRojsq3IZKXonjHpfsX66%2BgoWa%2B3lMI%2F0ER3fOvrPUfGjI4
27 KPMG (2014), Investing in the future https://www.kpmg.com/dutchcaribbean/
en/Documents/Publications/Investing-In-The-Future-report-fs.pdf
28 PwC (2014), Asset Management 2020 - A Brave New World
https://www.pwc.com/gx/en/asset-management/publications/pdfs/pwcasset-management-2020-a-brave-new-world-final.pdf

ABOUT SIMCORP
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For more information, please visit www.simcorp.com.

ONE SYSTEM FOR A COMPLEX WORLD

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referred to in this document are the property of
their respective owners.