Investment Management Newsflashes: Nationwide Retirement Solutions Signs On for MFACT, and more

Nationwide Retirement Solutions Signs On for MFACT

Coumbus, Ohio-based Nationwide Retirement Solutions, a subsidiary of Nationwide Financial Solutions, has selected MFACT by Hackensack, N.J.-based Global Investment Systems (GIS). MFACT is a fully automated fund accounting and administrations system designed to support all aspects of investment and financial accounting, particularly for organizations that must compute a net asset value (NAV).

"When we researched accounting software providers, it was clear that GIS offered the functionality and value we required," said Steve Toole, Officer of Sales of Nationwide Retirement Solutions, in the press release. "GIS also has a solid track record of dependability and accuracy, two essentials in the financial accounting business."

Sophis Adds New Data Service Module for Asset Managers and Hedge Funds

Sophis, a cross-asset, front-to-back-office solutions provider, released a new data service module for users of VALUE, the company's platform for buy-side institutions. The module serves as a hub from which clients can retrieve electronic data on financial instruments from a range of external and internal sources and according to a variety of pre-configured parameters. The data service module has been developed in response to increased specialization among data providers and a wider range of instruments being used by asset managers and hedge funds in recent years.

The module allows VALUE users to choose both the data source (e.g. Reuters, Bloomberg) and retrieval parameters (automatic or manual, with or without pre-checking, in real time or to pre-defined schedules). The module also includes a conflict manager that allows the user to prioritize one data source over another, or warns of sudden moves in a specific data set (e.g. dividends). By automating data retrieval, it also eliminates the need for manual input and checking. The module has been installed at six client sites and is being rolled out to all users of VALUE -- Sophis' cross-asset, front-to-back-office platform consisting of four integrated modules: front office, risk management, middle/back office and data management. The service also will be made available to users of Sophis' sell-side platform, RISQUE.

"With the increasing complexity of financial instruments and the emergence of specialized data providers, we needed to develop a hub that would centralize all the data required by our customers and offer a high level of customization," said Daniel Abitbol, business development manager, VALUE, in the press release. "The benefits of the new module are huge: Customers have direct access to top-quality, accurate data. It also saves them a lot of resources on data management and dramatically speeds up implementation periods."