Custodian banks are developing solutions to direct fund managers through the data minefield as the European insurance sector prepares for further requirements with Brussels’ Solvency II directive, Financial News reports. The capital reporting requirements are needed to be more detailed and have to be produced to timelines more stringent than before.
The world’s largest custodian BNY Mellon, with $25.9 trillion in assets under custody, has unveiled a data management solution to meet the asset data reporting obligations. The service gathers, validates, consolidates and reports information from the insurer and its partners. State Street Corp., with $21.5 trillion in assets under custody, has also created a product for risk modeling.
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