Trade Compliance from a PM Perspective

Featured in NSCP Currents

Ashu Sharma's article, Trade Compliance from a Portfolio Manager’s Perspectivewas printed in the March issue of NSCP's Currents. Click on the link below for a PDF version of the article.

An interesting dynamic exists between the Compliance team and Portfolio Managers at many investment management rms. Portfolio Managers grumble that the Compliance team is slowing them down with multiple warnings and alerts, whereas Compliance professionals fret when Portfolio Managers insist that Compliance simply “ x it,” regardless of the complexity behind the issues. With few exceptions, this type of environment can o en cause tension between Portfolio Managers and Compliance. Read more....

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Gigi Szekely Quoted in FundFire Alts Article

Gigi Szekely, IMP Managing Director of Compliance, was quoted in the FundFire Alts article: BlueCrest Inquiry Highlights Internal Fund Risk. Excerpt below:

Hedge fund firms should also make sure they have appropriate monitors in place over the funds, and avoid placing staffers in dual roles where their priorities may compete against one another, such as having a trader who also has an administrative job, says Gigi Szekely, managing director of compliance at IMP Consulting. “There needs to be a segregation of responsibilities,” she adds.

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IMP Consulting Announces Strategic Expansion of Trading, Compliance and Accounting Systems Practice Areas and Teams

BOSTON, Mass., January 28, 2016 – IMP Consulting, an industry leader in OMS implementation and compliance solutions for the asset management industry, today announced key additions to the senior management team and the expansion across several practice area specialties. The significant growth for IMP reinforces its role as the financial services industry’s go-to experts in trading, compliance and accounting systems for buy-side asset managers and hedge funds.

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US Registered Funds: Say Hello to Derivatives Risk Managers (FinOps Report)

Ashu Sharma, IMP Senior Manager, was quoted in the FinOps Report article: US Registered Funds: Say Hello to Derivatives Risk Managers. Excerpt below:

The best technology must be coupled with content knowledge, agrees Ashu Sharma, senior manager with IMP Consulting, a Boston-based consultancy specializing in testing compliance and post-trade technology at investment management firms. “Granted, the SEC’s proposed requirements are based heavily on the ability of technology to monitor the amount of trading a firm does in derivatives and make the necessary calculations so that it does not exceed certain thresholds,” he says. “However, the derivatives risk manager will still need to have experience with complex risk metrics.”

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Wellington Cleared Again in New SEC Trading Probe (FundFire)

Gigi Szekely, IMP's Managing Director of Compliance, was quoted in the Fundfire article: Wellington Cleared Again in New SEC Trading Probe.  It’s the top story in today’s FundFire newsletter.  Excerpt below:

Though Wellington does not expect to face any enforcement action as a result of the inquiry, firms undergoing an SEC investigation must typically respond to the agency within a certain time period “to prove that the matter has been resolved or rectified,” says Gigi Szekely, managing director of compliance at IMP Consulting.

“I would say [a response is expected] anywhere between 30 and 90 days, depending on what the situation is. It depends on the complexity or the simplicity [of the matter],” Szekely adds.

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Manager Outsourcing Stricken with Delays, Budget Issues (Fundfire)

Asset managers considering outsourcing critical mid- and back-office functions need to make sure they know what they are getting themselves into before taking the plunge. While offloading these operations may promise time and cost savings, the transition does not always go as planned. In fact, a third of outsourcing projects struggle to come in on time and on budget, according to new research.

In total, 32% of asset managers face challenges staying within budgets for outsourcing projects and 35% have trouble meeting time projections, a survey published Wednesday by operational consultant IMPConsulting and asset management conference provider TSAM has found.

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SEC Enforcer Targets Asset Mgmt Compliance Officer Fears (Fundfire)

The Securities and Exchange Commission’s (SEC) top enforcer has defended the regulator’s actions against chief compliance officers (CCOs) in response to industry concerns that compliance personnel may unfairly fall within the regulator’s crosshairs.

Speaking Wednesday to a trade body of compliance professionals, Andrew Ceresney, director of the SEC’s Division of Enforcement, stressed that the Commission will target enforcement actions against CCOs at asset managers (and other firms that fall under the SEC ’investment advisors’ definition, including wealth managers) in situations where compliance personnel are involved in breaking the law, covering up abuses, or clearly fail in implementing appropriate policies.

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IMP Consulting Investment Management Survey Uncovers ‘Lessons Learned’ from the Implementations of Outsourced Solutions

Asset and hedge fund managers share how they would change their approach to Managed Service Providers in a joint survey with TSAM

Boston, MA – November 17, 2015 –IMP Consulting today announced results from the company’s joint survey with TSAM: The 2015 Investment Management Outsourcing Survey. The survey revealed information on which systems investment managers were outsourcing; the challenges associated with them; and what they would do differently in the future.

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IMP Consulting Shares Expertise in Compliance at the National Society of Compliance Professionals 2015 Conference

BOSTON, MA – October 30, 2015 - - IMP Consulting today announced that the company will participate and provide its leadership and expertise in compliance at the National Society of Compliance Professionals (NSCP) 2015 Conference. Gigi Szekely, Managing Director, Compliance at IMP, will be joining the panel, Due Diligence of Third Parties from 3:45 PM -5:00 PM on Monday, November 2nd.

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IMP Webinar Featuring State Street Corporation Available On-Demand

Our webinar, Managing Investment Compliance: Best Practices in an Evolving Environment, is now available on-demand! Co-sponsored by NSCP, and featuring expertise from State Street Corporation, this webinar is packed with information for asset managers and asset owners.

Uncontrolled library growth, inconsistent interpretation of mandates, rules that don’t match actual trading activity or regulations, false positives, excessive overrides and data issues are just a few of the reasons that money managers miss violations and risk monetary and reputational loss.  Without a rigorous, annual testing of the automated library and supporting data, the results portfolio managers and compliance teams rely upon are statistically likely to harbor error rates of 25% or more.

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