Bringing you live news and features since 2013
Bringing you news, views and analysis since 2013

18690

Brown Brothers Harriman selects Omgeo Alert to improve settlement processes

RELATED TOPICS​

Brown Brothers Harriman has become the first global custodian to go live on the new Omgeo ALERT Global Custodian Direct (GC Direct) service.

ALERT is designed to improve the management of account information and Standing Settlement Instruction (SSI) data related to the trade settlement processes between global custodians, funds and investment managers, and is the main goal of the SSI Utility.
 
Under the agreement, BBH is able to maintain and electronically provide SSI data to its clients and/or their investment managers through the use of GC Direct capabilities in ALERT – the industry’s largest and most compliant online global database for the maintenance and communication of account information and SSIs.
 
Many clients and their investment managers currently maintain their SSI data manually. With BBH live on the service, all clients or their investment managers who leverage ALERT can connect to the global custodian electronically, thereby allowing BBH to maintain and provide SSI data in an automated, secure and efficient manner, designed to reduce operational risk and costs.
 
Ray Tyrrell, Senior Vice President at Brown Brothers Harriman, says: "BBH is committed to implementing best-in-class solutions and to working with the industry to mitigate risk and enhance SSI data quality. We’re pleased to work with Omgeo using GC Direct in our efforts to deliver improved operational and cost efficiencies to our clients and their investment managers."
 
The service facilitates the communication of custodian sourced, Securities and Market Practice Group (SMPG) and ALERT-compliant SSI data by connecting BBH’s central SSI repository to ALERT leveraging ISO 20022 messaging. The new GC Direct capabilities also allow custodians to manage data exceptions on behalf of their clients in order to pursue the highest data accuracy.
 
The launch of GC Direct capabilities marks a significant milestone as ALERT evolves into the industry’s SSI Utility, enabling global custodians to update, maintain, and manage SSI data electronically for the first time. As part of this evolution, future phases of the SSI Utility include support for collateral SSIs as well as an enhanced API for brokers, asset managers and third party transaction services to retrieve SSI information in real-time during trade processing, reducing the need to maintain disparate databases.
 
Paula Arthus (pictured), President and CEO of Omgeo, says: "As the industry continues to reduce risk throughout the trade lifecycle, and with a large number of markets having moved to a T+2 settlement lifecycle, firms are facing increased pressure to ensure efficient, transparent processes are in place across their operations. Further automation of SSI data within custodian banks using ALERT will introduce greater control in the process, improve data quality standards and reduce the risk of trade failures resulting from incorrect SSI data. We anticipate further participation from the custodian bank and asset management community and look forward to continuing to work with the wider industry to realize the full benefits of the SSI Utility." 
 

Latest News

Data provider Preqin has published its Deal Flow Monitor: Q1 2024 report, examining trends in..
Global index revenues increased 9.3 per cent in 2023, totalling a record USD5.8 billion, according..
Octopus Investments (Octopus) has announced it has launched a Natural Capital Strategy...

Related Articles

Trends
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100 million deals announced this month alone...
The trend to buyout among the UK’s smaller defined benefit (DB) schemes continues with a slew of new sub GBP100..
Different flavours
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led, multi-boutique global asset manager with over USD20 billion under management, recently undertook a survey with 204 UK investment professionals, seeking insights into their perceptions and attitudes towards boutique asset managers...
In what is believed to be the first survey of its kind in the UK market, Nedgroup Investments, the investment-led,..
UK map
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be worth billions of pounds in the coming years...
UK local government pension schemes (LGPS) are leading the charge on investment in private markets issuing tenders set to be..
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a possible buyout of EY’s Italian consulting branch...
The trend of private equity firms acquiring businesses in the professional services sector continues with CVC Capital Partners eyeing a..
Subscribe to the Institutional Asset Manager newsletter

Subscribe for access to our weekly newsletter, newsletter archive, updates on the site and exclusive email content.

Marketing by