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Integrating Business with Technology for Competetive Advantage
Many successful organizations in the financial industry, including the world's top banks, investment advisors, mutual fund providers, insurance firms, and other asset managers, are increasingly looking to information technology (IT) to provide competitive advantages. The explosive growth of new securities, the introduction of valuation methods and models, and the expansion of cross-border trading and settlement has made IT more valuable to financial professionals than ever before.
By Philip Sindel & Ronald Olmstead
Forbes Outlook: Boston Business Profiles
Since its inception 13 years ago, Olmstead Associates has provided both strategic and tactical consulting services to help its clients bridge the gap between business and technology. On one hand, the firm helps clients develop their Investment Management Operations and SystemsArchitecture Strategy to integrate across subsidiaries or product lines. On the other hand, once the strategy is formulated, the firm helps execute it.
We have learned a couple of things over the past several years. First, investment managers are more willing to consider outsourcing middle and back office functions. The second thing we have learned is that executing and transitioning (or on-boarding ) to and maintaining an outsourced relationship is not easy and faces multiple challenges. Therefore, what are some key areas of focus that the asset manager (and service provider) need to think about to insure that the move to outsourcing is smooth and successful.
If you have been keeping up with trends within securities industry operations and technology you have probably encountered the newest set of acronyms, all of which revolve around BOR or Book of Records. The most recent discussion has been whether ABOR (Accounting Book of Records) is deficient when it comes to the investment management process and needs to be supplemented by the creation of IBOR (Investment Book of Records).