Netik, a vendor for financial data warehousing, and Daiwa Securities Global Asset Services (GAS), a hedge fund administrator based in Dublin and owned by Tokyo’s Daiwa Securities Group, have announced the production roll-out of Netik InterView, a data warehouse platform for data management and reporting.
“Daiwa Securities GAS signed Netik because of our need to increase operational efficiency and enable the rapid scaling of our business,” says Brian Guyett, chief operating officer, Daiwa Securities GAS. “We wanted to reduce our dependency on internally built systems and implement a standard platform that would deliver consistent consolidated reporting. Netik InterView was selected to replace our internal data management tools and an in-house built data warehouse for client reporting. The implementation of Netik InterView is part of an on-going process of upgrading Daiwa’s technology infrastructure to meet the increasing and ever-demanding needs of Daiwa’s hedge fund clients,” he adds.
Daiwa Securities GAS had previously developed separate internal data management and reporting capabilities, but found that these systems were not sufficient to support its projected future growth, says the firm. “We reviewed the market and quickly established that Netik InterView’s wide asset class coverage, combined with Netik’s proven implementation methodology made the selection process straight forward,” comments Kevin Magee, chief technology officer at Daiwa Securities GAS. “We are very pleased with the results. We have contained and isolated our legacy components and integrated our key processing systems. In addition, we have been able to build a more robust automated reconciliation process between multiple prime brokers and our fund accounting system. The platform now gives us the opportunity to provide market leading reporting to our clients using Netik’s flexible portal technology, which is our current area of focus,” he continues.
“We were delighted to welcome Daiwa to the Netik ‘family’,” says Colin Close, chief information officer, Netik. “It is good to see that Daiwa are using Netik InterView to enhance their existing processes using our data management technology. They also collect data for client reporting as part of the ongoing daily processes rather than after the event,” he adds. Netik has helped Daiwa become largely self-sufficient in rolling out its new found functionality using a small team of its own resources, meaning that the Securities Group has not had to rely on an army of consultants, according to Close. “We have an ongoing commitment to demystify and simplify data management and reporting projects to enable our clients to deliver real business value and return on their investment,” he comments.