Due Diligence: An Asset In Your Arsenal

Due Diligence: An Asset In Your Arsenal

Jane Stabile, IMP's President, interviews Matt Gould in this short (7 minute) podcast to discover how firms can prepare for a due diligence review, and how due diligence can ultimately improve a firms business.

Read More

Due Diligence: You’ll Know It When You See It

Due Diligence: You’ll Know It When You See It

I know it when I see it. That’s what people say when they can’t describe what they instinctively see, or otherwise understand.

Back in the day, while I was still performing due diligence reviews as part of my job, I found that a lot of people in the industry thought that there was a magic formula for evaluating a subadvisor or fund. It was viewed as a bit of a secret, that perhaps nobody else knew. And yet, my work was actually more of a scientific exercise in performing basic research, mixed with the art of “knowing it when I see it.”

The following are 7 tips for your firm’s next due diligence review.

Read More

MiFID II Across Five Areas of Focus

MiFID II Across Five Areas of Focus

The primary purpose of MiFID II is to enhance and strengthen “MiFID I.” However, MiFID II is a complicated, winding road of directives. The areas of business impacted cover everything from the investment decision, all the way to client reporting. The systems impacted span from the front to back office. To break the enormity of MiFID II for the sake of sanity, we will cover five main areas of focus.

Read More

How MiFID II Could Change Front Office Workflows

How MiFID II Could Change Front Office Workflows

Retooling your Order Management System may be one requirement that you won’t be able to overlook if MiFID II applies to your firm.

From decision support, to trade execution, to reporting and the long-term retention of records – the impact on order flows spans the entire trade life cycle. In this short video, Jane Stabile walks through a basic fixed income flow and highlights just a few of the areas where MiFID II can create obstacles.

Read More

Will You Be MiFID II Compliant? Publish, Report or Perish

Will You Be MiFID II Compliant? Publish, Report or Perish

There has been a great deal of confusion over trade publication and transaction reporting, and there are several differences between the two. Read more to watch an overview of Trade Publication vs. Transaction Reporting presented by Jon Gold.

Read More

Will You Be MifID II Compliant? Impact on Non-EU Asset Managers

Will You Be MifID II Compliant? Impact on Non-EU Asset Managers

There is a misconception that if your firm is a US asset manager, then you don’t need to worry about MiFID II, when in reality you do. Even if your firm doesn’t have a physical presence in the EU, there may be components of the rule that are still applicable to your client mix or your asset classes.

Read More

Will You Be MiFID II Compliant? Five Areas of Focus

Will You Be MiFID II Compliant? Five Areas of Focus

Slow down! That was the number one request that IMP heard after our webinar, MiFID II: US Asset Managers Brace for Impact.

IMP heard you, loud and clear. As a result, we’re rolling out a slower, more detailed video series to help you to either prepare for the January 3rd deadline, or educate yourself on the basics of what this massive directive entails.

Read More

The Rise of MiFID II: Does it Apply to You?

The Rise of MiFID II: Does it Apply to You?

If you work for a US Investment Management firm, and are celebrating the notion that MiFID II won’t apply to you, it’s time to take off the party hats, and give this directive a second glance. MiFID II may just apply to you after all. This series, authored by IMP Consulting, will walk you through the highlights of the directive, and help to guide you in identifying how your firm may be impacted.*

Read More

Out of Options for This Self-dealing PM

Out of Options for This Self-dealing PM

Last week, it was reported that a portfolio manager for a major asset manager has agreed to plead guilty to defrauding investors in closed-end funds for which he executed option trades. One major newspaper described this as an “option scheme”. However, it may also be viewed as a scheme that was best effected by using options. There is a difference.

Bernard Madoff was well known for his “split strike conversion” strategies. Here, a complex option strategy obscured how the investments actually performed. Defendant Kevin Amell is alleged to have merely engaged in self-dealing, using trades which were most effectively executed to his advantage because of the structure of listed option markets.

Read More

Trade Compliance Video Series – Cross-trading: What NOT to do

Trade Compliance Video Series – Cross-trading: What NOT to do

Cross-trading can be treacherous to navigate from a trade compliance perspective. It's no wonder that many firms don't allow it. You have to be very careful in the way that you set up an automated cross-trading rule, because a poorly coded rule can generate hundreds false violations, and cause the SEC to ask why your firm has so many overrides.

In this week's edition of Trade Compliance from the Portfolio Manager’s Perspective, our PM, Jon Gold, shows us what NOT to do when creating cross-trading rules.

Read More

Trade Compliance Video Series - See The Cause of Hundreds of Violations

Trade Compliance Video Series - See The Cause of Hundreds of Violations

This week, we’ll look at how one word caused hundreds of daily violations for a very frustrated PM, and walk through the simple fix that cut the risk of increased SEC scrutiny.

For more information on how your compliance team can update your trade OMS compliance rule library, contact Michael Toomey or visit www.impconsults.com/CLEAR.

Read More

Trade Compliance Video Series – Watch the First 2 Videos Now!

Trade Compliance Video Series – Watch the First 2 Videos Now!

Portfolio Managers and Traders frequently complain about the Automated Trading Compliance System. For Compliance teams, it’s as equally frustrating. When the rules were written, the PMs signed off on all of the rules for their funds.  Why isn’t this working?    

This video training series looks at real trade compliance experiences from the PM/Trader’s desk, and gives compliance teams a glimpse into why some rules aren’t working. It also discusses options for compliance teams to implement changes that will support a unified and seamless trading workflow.

Read More

Heat-mapping Skill Sets – Creating high-performance teams for investment management projects (Full Transcript)

Heat-mapping Skill Sets – Creating high-performance teams for investment management projects (Full Transcript)

When it comes to OMS and Compliance systems upgrades, do firms typically have all of the right resources within their walls?

JS: Typically, no, because firms don’t do that every year. It’s something that they do every few years, so it’s unusual for them to have all the right staff on board at that time.

When these projects take off, how many of them involve initial analysis of the assigned team members, current skillsets as well as their ability and readiness to actually work on the project right now?

JS: It’s something that firms typically don’t do. Often times, they don’t know when they are going to get the budget. It can be somewhat fluid. The piece missing most is a dispassionate look at what they really need for the project. What often happens is that the firm will look around and see who is available and then just put those people on the project because they are available, rather than saying, “what does this project need,” and evaluating the people that they have on the team.

Read More

Using Agile for Vendor Implementations: Good idea or bad? (Part 1)

Using Agile for Vendor Implementations: Good idea or bad? (Part 1)

Has this happened to you? Your firm decided to use the Agile methodology for the implementation of a vendor product, like your trade order management system (OMS). You’ve obviously heard of Agile before, and perhaps even worked on a team using it, yet you still find yourself engaged in the proverbial Google search to learn more about it.  Your gut tells you it just doesn’t fit right with projects having little to do with development. In your search, you get lost with the numerous flavors of Agile from ones that use Post-It notes for requirements, to no written requirements at all. You ask yourself “If Agile is for development projects,  why are we using this for an implementation?” Well, you are certainly not alone.

Why are more and more firms leveraging Agile you ask? The advantage of Agile lies in its twelve fundamental principles that were agreed upon at the turn of the century.  While these principles are noble in their cause, the reality is, not all projects align perfectly with them.  In addition, as the interpretation of Agile has expanded over the years, many of these core principles have lost their punch with the day-to-day mechanical operations of running an Agile team taking priority.

Read More

Best of IMP’s Blog for 2016

Best of IMP’s Blog for 2016

If you made it to midnight on New Year’s Eve, you may have kicked off 2017 by asking (or singing) the traditional first question of the year, “Should auld acquaintance be forgot, and never brought to mind?”

That answer may be a resounding “yes” for most of 2016’s news, events, politics and even celebrity deaths (from David Bowie to Carrie Fisher) – but for IMP’s blog, we think that there are ten top posts worth remembering in the coming year.

In the countdown to the most popular, the top 10 posts of 2016 are as follows:

Read More

This Old Performance System – Visualizing the Gaps in Your POINT Transition Roadmap

This Old Performance System – Visualizing the Gaps in Your POINT Transition Roadmap

This Old House magazine closes every edition with a featured house in dire need of renovation. Typically, the homes are of historical relevance and have existed firmly in place for 100+ years. For those who can visualize how to transform the house beyond its former glory, the opportunity may seem like a dream come true. However, for those who have experienced the less glamorous side of restoration - such as upgrading the systems that drive the house including electrical, mechanical, heating and plumbing- the opportunity to transition can be overwhelming.   

Read More

The Trade Order Management (OMS) Crossroad: Which way do we turn?

The Trade Order Management (OMS) Crossroad: Which way do we turn?

In today’s markets, many small to mid-sized asset managers are realizing substantial growth for the first time in over a decade. They are finding themselves at a crossroad, facing a decision on the direction they should turn for a long-term cost effective Trade Order Management (OMS) solution. With the abundance of choices nowadays from Application Service Provider (ASP) models, SaaS (Software-As-A-Service) models, and traditional self-hosting models, the cost versus value debate has become more complex and extremely difficult to dissect. The ultimate question is:

“Should we invest more in outsourcing our software and technology support (while reducing staff, sacrificing customization, and potentially functionality), or should we own the software and technology support?

The debate is similar to the lease versus own argument for an automobile. This article will help you identify if you are in this position and identify 3 key questions you can ask yourself to navigate you to the next phase.  

Read More

Shaking the Milk, and The Challenge of Streamlining Workflows

Shaking the Milk, and The Challenge of Streamlining Workflows

When a process has been around for a long time, its familiarity makes it comfortable. Even if it is cumbersome, it is often tough to change, because the old process just feels and looks right. That presents a challenge, since nearly all of our projects have a stated goal of improving the business processes. 

Read More

Will Canadian Investment Advisors (IAs) Survive With Changing Regulations? How Technology Solutions are Coming to the Rescue

Will Canadian Investment Advisors (IAs) Survive With Changing Regulations? How Technology Solutions are Coming to the Rescue

Significant changes to Canadian financial regulations in the last few years have made Investment Advisors (IAs) question whether they will be able to survive in the new environment, yet technology is providing the answer. The regulatory changes improve the client’s experience by ensuring a minimum standard of care as well as an increase in transparency. 

Read More

Proof-of-Concept for Performance System Implementation: The Road Best Traveled

Proof-of-Concept for Performance System Implementation: The Road Best Traveled

If you were standing before “two roads diverged” and 50% of returning travelers warned you that one road took longer and drained more resources than the other, which road would you take? Short of any Robert Frost fans, most may decide based on the advice of their peers, that perhaps it is not about selecting the road less traveled, but rather, selecting the road best traveled.  

Read More