An initiative to help streamline the rebate management process and reduce administrative burden for asset managers is being launched by FE fundinfo, the global fund data and technology company.
Currently, asset managers face a manual, time-consuming and expensive process related to rebates and distributor network services that offers little value-added services to their clients.
Recognising the need to address this issue, FE fundinfo has created a service that will increase transparency and compliance with regulatory requirements while saving asset managers’ time and resources by outsourcing non-core functions to a team of experts.
As part of the initiative, FE fundinfo will provide access to innovative rebate management technology and expertise that allows asset managers to review, optimise, simplify and digitalise their middle and back-office processes related to fee and distribution channel management.
FE fundinfo is offering a pilot programme to asset managers to support the final stages of the service development. The pilot program will enable asset managers to test and provide feedback on the service, ensuring that it is tailored to their specific needs before it goes live in the final months of 2023.
The initiative forms another arm of FE fundinfo’s Fund Information Hub and is designed to support asset managers with many of their middle-office admin burdens while also streamlining their cross-border fund distribution.
To develop this project and bring it to fruition, FE fundinfo has recruited the expertise of Steffen Ahlers and Marina Corghenci; who join the company as directors of the project.
Previously, Steffen was the APAC CEO of MFEX Mutual Funds Exchange and spent over eight years in Singapore where he was overseeing the Asian book of business as well as the offices in Kuala Lumpur and Hong Kong. Throughout his 20-year career in financial services, Steffen has worked in multiple entrepreneurial organisations in Paris, London, Berlin and Bremen.
Marina also brings a wealth of experience to FE fundinfo having spent around nine years as the Global Head of the Fund Relations team of MFEX Mutual Funds Exchange. Prior to that, she worked in the audit division of one of the “big four” as well as finance consulting for a Swiss organisation. Her career in financial services has spanned 15 years and Marina has worked in Switzerland and France.
Philipp Portmann, Head of Business Development and Strategy, FE fundinfo, said:
“The increasing number and complexity of rebate agreements with various counterparties, such as brokers, banks, distributors, and intermediaries, have created a tangled web of contractual obligations and eligibility criteria. Keeping track of these agreements, calculating accurate rebate amounts, and ensuring compliance with the terms has become challenging. The manual processes and disparate systems used for rebate management further exacerbate the complexity, leading to inefficiencies and errors.
“Our rebate and distribution channel management service addresses these problems by providing a comprehensive and automated solution. It streamlines rebate management by centralising all rebate agreements and data, automating calculations, and generating accurate reports. Our service also integrates regulatory compliance checks, ensuring adherence to changing requirements. By eliminating manual work and providing a unified platform, our rebate and distribution channel management service simplifies the process, saves time, reduces errors, and enhances overall efficiency for asset managers.
“To achieve this, we are delighted to bring on board both Steffen and Marina. Their experience in this field will prove invaluable in taking this project from fruition, through the pilot phase and out into the wider marketplace and is a big step forward to make FE fundinfo the outsourcer of choice for all asset managers.”