Colm Carey
Donnelley Financial Solutions

A more complex environment means asset managers need to have their ducks in a row, says Colm Carey of Donnelley Financial Solutions

How important is it for asset managers to have a robust content management system in place?

The ever-increasing regulatory disclosure obligations, distribution opportunities in new jurisdictions, and multiple types of documents create challenges for managers to maintain consistent disclosure across documents and markets. A content management system is a pragmatic approach to managing and updating such a wide range of documents and disclosures in this environment. A robust content management system will allow an asset manager to focus on growing its business rather than spending time creating, reviewing and formatting documents. For example, our ArcPro solution supports scalability and consistency of content, and facilitates easy and streamlined updates across the whole document library. Some key benefits our clients value are:

● Consistency and risk mitigation: Clients get text and variable content, accurate and in one shared content file, ensuring consistency across every document and section where that text is shared.

● Operational efficiency: Change once, update many documents. Users can manage a far greater number of documents and spend less time doing so than would be possible without ArcPro.

● Cost: Auto typeset, fully stylised print- and web-ready output eliminates the need for costly and time consuming typesetting or teams spending hours formatting an MS Word file.

● Single content source: A centralised source for all documents and disclosures. Full search functionality, version control, and audit trails ensure that documents (and text within them) can be found easily.

● Workflow: Fully customisable workflow is developed around how our clients work. It allows for collaborative review cycles, formal sign-offs, and dissemination of approved files to email, web or file transfer protocol, or to our print operations.

● Language versions: Translations by investment management and finance industry native speakers ensure consistency between English versions and any translated documents.

● Review: Robust review and audit tools highlight any changes made to a document and ensure nothing has changed that was not supposed to.

● Typeset output: Full client branded web- and print-ready PDF files.

What are the main benefits of outsourcing this function?

This tends to vary depending on their preferred operating model. Some asset managers will outsource this function to their fund administrator, corporate trustee or law firm.

Others like to keep document management in-house.

Fund administrators, corporate trustees, management companies and law firms use ArcPro to manage all of their clients’ documents.

We also work directly with asset managers who prefer to manage their documents in-house.

In both instances, our teams will implement, streamline and train client staff to use ArcPro to update, manage and publish fund documents. The majority of changes, new documents or updates can be managed directly by clients.

Clients with significant global or regional operations value having all of their documents in a centralised location.

For example, Asia Pacific asset managers can gain significant efficiencies in managing their Hong Kong key facts statement, Singapore product highlight sheet, and Australian product disclosure statement on the system, managing consistency between the different documents, the variations, and reusing appropriate variables.

Utilising a content management system, such as Donnelley Financial’s ArcPro solution, investment managers and their service providers can manage, update and control their documents and disclosures in a cost efficient and streamlined manner.

What are the main drivers for improving content management—cost efficiency, regulatory compliance, or something else?

The main driving factors typically vary from client to client. Some investment managers will have an extremely well maintained data set and document process, some less so.

Some are over-resourced, some under-resourced; some are proactively seeking a content management solution; some are responding to increased challenges, whether it’s product growth or more regulation.

While the underlying drivers may vary from client to client, some common requirements include:

● Legal and compliance issues: Inconsistent information on a pre-sale offer document or legal agreement can pose significant risk for an investment manager. Managing, reviewing and approving this content in one place ensures that it is consistent and accurate in any other document or section that text is used.

● Operational efficiency: New fund launches, new or updated regulatory disclosure obligations and periodic document updates are just a few of the common challenges faced by those working in the investment management industry. Asset managers look to content management systems to make this an easier and more controlled process.

● Scalability: A content management solution will help an investment manager to easily manage growth, enabling them to add new funds, sell into new markets, and remove the administrative strains often associated with this.

How can you ensure optimum data security within content management systems?

We deal with a wide range of sensitive data and confidential information for asset managers, including regulatory filings, annual reports, fund fact sheets, and private offering documents. The security and the integrity of our systems are of paramount importance to us. We invest significant time and resources to ensure that our clients’ data and documents are safe and secure.

All data communication between the application and users is secured with 128-bit encryption or higher; our data centres are AT 101 certified, with validated processes around security and emergency response systems; and we run annual penetration and disaster recovery testing.

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