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ISC Chronicles

ISC Chronicle - November 2015 In this edition we provide insight into a number of issues challenging the asset management industry. The first article looks at ISC's review of the operating models of service providers offering Tax Transparent Fund solutions. With some industry voices saying that MIFID II is potentially the biggest single piece of regulation ever to hit the industry, the second of our articles looks at the challenges this piece of regulation poses for managers. The final article provides a consultant's insight into the lessons learnt from the continuing wave of regulatory changes washing over the investment management industry.

ISC Chronicle - July 2015 In this edition we offer a link to a paper that gives an insight into how we support the unique challenges facing our global clients and two main articles discussing; research commission under MiFID II and secondly, the operational implications of a possible Grexit.

10th Anniversary Chronicle - April 2015 This 10th Anniversary Chronicle contains two articles. The first emphasises how to achieve success in the delivery of new products, and the second sheds some further light on Solvency II regulation now that this piece of regulation is making its long-awaited implementation.

ISC Chronicle - December 2014 The first article explores some of the considerations when selecting a risk system and is a follow up to articles written in the last two years. Our second article discusses a niche topic - The challenges faced by Annex 4, AIFMD reporting to National Competent Authorities.

ISC Chronicle - May 2014 Our first article discusses the significant firm-wide impacts of delivering new products. The article reviews the lengthy and complex chain of activities created by each product launch and how to avoid the Product Development Team becoming a bottleneck to delivery. The second article is a reflection on recent regulation. The Capital Requirements Directive (CRD IV) came into force this year, whilst well intentioned, it has an unintended consequence for those asset managers that are owned by banks.

ISC Chronicle - February 2014 In this edition we provide a short update on Solvency 2 given the revised timetable and delivery for 2016. The second piece is a discussion paper on Legal Entity Identifiers (LEIs) and how the regulatory bodies may extend beyond OTC derivative trading. In our last article we review the proposed Key Information Document for Packaged Retail Investment Products and assess its impact and similarity to existing KIIDs.

ISC Chronicle - December 2013 AIFMD application submission is due next month and our first article takes a look at how the AIFMD depositary landscape has developed and how both the depositaries and alternative investment managers are approaching the challenge of meeting the AIFMD depositary requirements. The second article explores the elements of an IBOR (Investment Book of Record) and looks to identify how these elements are utilised by investment managers as sources for an IBOR.

ISC Chronicle - September 2013 In our first article we provide a detailed review of AIFMD and how to prepare for the introduction of this important Directive next year. Many firms are well down the road to reaching AIFM status however many have not submitted their required policies and structures to the FCA. ISC have recent experience in building operating models and streamlining processes into pragmatic solutions to achieve compliance with this Directive. We also offer a case study adding background to our work on AIFMD. The final article is a summary of the results of our Data Management and Data Governance survey from June. Some results were predictable, but others more surprising especially around the governance of data.

ISC Chronicle - June 2013 Our first article explores the opportunity to revisit, rationalise and improve the production of KIIDs, whether produced in-house or by a third party. The second article is by Julian Baines. Julian assisted the IMA recently on their feedback to the FCA regarding their Dear CEO letter to companies involved in outsourcing, with recommendations to improve the risk and portability associated with these services.

ISC Chronicle - February 2013 Our first article is a discussion that focuses on the importance of data and communication within the Risk process, and the issues and experiences surrounding the implementation of risk systems. This is a follow up to an article in the Autumn 2012 edition. Our second article explores readiness for a Eurozone exit. The threat of such an event may have receded recently, but it has not gone away. In the breathing space provided we have offered some practical advice for the operations teams across our industry.

ISC Chronicle - Autumn 2012 Our first article explores Risk Management, with an associate of ISC, Chris Sandford. Chris is an Actuary and Independent Risk Consultant. Chris and David Sellors (Senior Consultant at ISC) discuss the current state of risk management within the Asset management industry. In this article discussions focus on Risk within the Investment Management process and the concept of the Risk Toolbox in aiding decision making. In our second article ISC has teamed up with some of the vendors that provide performance measurement and attribution software and asked them about GIPS and Composite Modules. In this article we discover the benefits to asset managers, the focus of the vendors and the trends going forward.

ISC Chronicle - Summer 2012 Inside, our first article explores the requirement to be GIPS compliant and how to achieve GIPS verification and ongoing compliance. Our second article is a follow up to an article from the Autumn 2011 edition of the Chronicle where we discuss some of the reaction to CCP (Central Counterparty Clearing) and EMIR due to be implemented at the start of 2013. Lastly we welcome our newest recruit, Dave Sellors, and showcase our GIPS Verification and GIPS Compliance Services.

ISC Chronicle - Spring 2012 The first article reviews the Client Reporting and Communications stream at the recent TSAM Europe conference. It reports the key themes discussed and the future direction of client reporting. Our second article provides an update on Solvency II. It reviews the many challenges faced by our clients and reports on the expected implementation date. Lastly we give an update to an article on outsourcing aired in 2009. In this update we review the rise in component outsourcing.

ISC Chronicle - Autumn 2011 In this issue Julian Manfredi discusses some of the impacts of Central Counterparty Clearing (CCP) and identifies some of its consequences for OTC derivatives. We welcome our newest recruit, Peter Nicholls, and we have a collaborative article focusing on the twin giants of risk and regulation that loom large over Private Wealth Managers.

ISC Chronicle - Summer 2011 In this issue we follow up on the Winter 2011 Chronicle with a further article on client reporting. This review of a much-debated subject at the tail-end of the asset management process seeks to explain why adhering to some simple dos and don’ts proves that a client reporting process wrapped by efficient workflow will deliver a scalable and robust reporting function. The second article on page 5 is designed to provoke thoughts on the ever worsening crisis concerning the Euro.

ISC Chronicle - Winter 2011 In this issue we discuss Solvency II and its impact on EU based insurers. The second article reviews how client reporting is evolving as a service.

ISC Chronicle - Summer 2010 In this issue we highlight best practices in OTC derivative collateral management and also we have an interview with the CEO of the Milestone Group.

ISC Chronicle - Spring 2010 In this issue our first article is a review of investment performance measurement. The second piece is a vendor view of the front office landscape.

ISC Chronicle - Autumn 2009 In this issue we have articles detailing the issues facing managers who have, or are in the process of, Outsourcing part of their operations and another on various technological issues in Client Reporting, including interviews with three major vendors in that area.

ISC Chronicle - Summer 2009 As the much vaunted green shoots of recovery begin to take root after months of unprecedented volatility, and as managers see the welcome return of cash inflows, in this edition we take a look at two areas of the market that have been hit hard by the recession; OTC derivatives and the Property Fund Management industry. The latter penned by industry expert, Nick Percival.

ISC Chronicle - Spring 2009 In this edition we have continued the theme with an article on running successful data management projects, something which we at ISC have many years of experience in. In addition we have also included a White Paper on OTC derivative processing.

ISC Chronicle - Autumn 2008 In this edition we discuss risk management in these risky times and then in our second article review why asset managers require consolidated positions data.

ISC Chronicle - Summer 2008 In this first issue we discuss whether to build or buy a collateral management system. We launch our Derivatives Health Check service and lastly we review faith based indices.