Conference Dailys TRADETech Daily 2018 - Page 8

THETRADETECH DA I LY BUY-SIDE NEWS latest news THE OFFICIAL NEWSPAPER OF TRADETECH 2018 Technology FCA PURSUES ANNUAL BUY-SIDE ‘VALUE FOR MONEY’ ASSESSMENT Asset managers in the UK will be forced to provide annual assessments with regards to costs and value for money of funds. Fund managers will have to as- sess value for money against a ‘non-ex- haustive’ list of elements prescribed by the Financial Conduct Auth ority (FCA), including whether charges are reasonable in relation to costs and the quality of service provided. NATIXIS REBRANDS ASSET MANAGEMENT BUSINESS Natixis Investment Managers is to rebrand its asset management busi- ness with a renewed investment focus towards fixed income, equity and insurance. The rebrand will see the €324 billion asset manager renamed ‘Ostrum Asset Management’ as part of Natixis’ ‘New Dimension’ strategic plan, which was laid out last year. ALLIANCE TRUST SELLS LIONTRUST SHARES FOR £21 MILLION Alliance Trust has sold its 4,060,792 shares, or 8.2% stake, in Liontrust Asset Management and raised net proceeds of £21 million. The global trust firm received the shares - valued at £17 million or 334.9p per share - when Liontrust agreed to buy its asset management business, Alliance Trust Investments, in April 2017. JP MORGAN TRADING TEAM DEVELOPS MACHINE LEARNING MODEL FOR EQUITY DESK JP Morgan Asset Management’s equity trading team has developed a new model using machine learning to make the execution of orders more efficient and less expensive. The equity desk, led by Lee Bray, head of equity trading for Asia Pacific at JP Morgan Asset Management, is looking to have to have 50% of trading flow driven by machine learning by the end of the year. 8 THETRADETECH DAILY Fidelity International partners up for cloud-based data platform LUSID PLATFORM PARTNERSHIP ALSO INCLUDES HSBC SECURITIES SERVICES, ATLANTA WEALTH AND FINTECH FIRM FINBOURNE. F idelity International has teamed up with FinTech firm FINBOURNE, HSBC Securities Services and hedge fund Altana Wealth to design a new cloud-based investment manage- ment platform. The four organisations will collaborate to design a shared, cloud-based data utility that aims to reduce operating cost and improve the quality of information for in-house and client use. The platform, named LUSID, is aimed at replacing existing in-house software and hard- ware, and achieve advanced standards of data handling for institutional clients. “FINBOURNE is building a platform from the ground-up based on collective experience which allows us to approach data challenges in a novel way,” said Yugo Ashida, director, architecture, at Fidelity International. “Being a member of the LUSID Design Council gives us the flexibility to test different tech- nology, apply new thinking and put in place the foundations to reimagine our current architec- ture.” Industry bodies and regulators alike have been encouraging asset managers to collaborate more with FinTech firms to optimise processes and increase efficiency through new and emerg- ing technologies. Both the Financial Conduct Authority (FCA) and the Investment Association have an- nounced new innovation hubs and accelerator programs, designed to boost technology innova- tion and adoption by buy-side firms.