Silverfinch and Fundsquare have announced a partnership to provide a Solvency II regulatory reporting solution to insurers and asset managers throughout the European Union.
Both Dublin-based Silverfinch and Luxembourg-based Fundsqaure offer solutions to help alternative investment fund managers to meet regulatory reporting requirements, and they will release their Look-Through and Data Utility for Solvency II Reporting solution in the run up to Solvency II reporting in January 2016.
Solvency II will review the capital adequacy regime of the European insurance industry, ensuring that businesses retain enough capital to pay claims. Its implementation is expected to affect Europe-based insurance companies and investment fund managers on a global level.
Paul Fawsitt, CEO of MoneyMate Group, said: “Silverfinch, as part of the MoneyMate Group, are delighted to welcome Fundsquare to this major industry initiative. Regulators’ appetite for data is driving straight to the core of funds, and utilities such as Silverfinch are critical to reposition the funds industry for sustainable response.”
The Silverfinch and Fundsquare solution will allow insurers to gather detailed data on large asset portfolios that are invested on their behalf by asset managers. It will also create connectivity between asset managers and insurers in a secure manner.
John Dowdall, MD of Silverfinch, said: “Silverfinch has made huge strides in the market in addressing the look-through challenge that both insurers and asset managers face. The simple reality is that Solvency II is about to create a new continent of data. Insurers are now in the process of addressing the issue and demands of look-through, and asset managers will begin to see these requirements feed through in the coming months.”
“The current timeframes allow both just over a year to implement the look-through requirements, and to partner with an organisation like Fundsquare, whose expertise in fund market infrastructure is known across Europe, allowing Silverfinch access to the broader European market.”
CEO of Fundsquare, Dominique Valschaerts, said: “Funds and asset managers in Europe need to evolve their operating models to make them more efficient. Working with Silverfinch, which like us operates as a market utility, allows both our companies to provide a coherent response to the challenges of Solvency II by setting a pan-European standard data model for managers. This model has the dual advantages of allowing asset managers to retain control and of protecting intellectual property.”
