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DATA ACCURACY A MAJOR BURDEN FOR INVESTMENT MANAGERS WHEN REPORTING

Vermilion Software, the leading supplier of client reporting and communications software, reveals in a new white paper that accurate and reliable data presents a major challenge for client reporting.
The white paper, entitled ‘Catalysts for Change in Client Reporting’, was based on a survey of over 100 senior financial technology and data decision makers in investment management, conducted on behalf of Vermilion Software.
A third (38%) of investment managers cited data accuracy as their biggest challenge for client reporting, followed closely by mobile reporting solutions (37%) and regulation (35%). Sales and marketing demands were also cause for concern for a surprisingly high number of respondents, with a quarter (25%) unable to keep pace with requirements.
The WatersTechnology survey also highlighted an increasing client demand for better quality data. Over half (54%) of respondents reported an increase in requests from their clients for more accurate and timely data. This problem is compounded by difficulties in aggregating and consolidating data from a growing number of input streams.
Two thirds (67%) of investment managers expect client reporting to increase in complexity over the next three years. Reasons quoted include increasing clientsophistication, more complex instruments and regulation. The need for more detailed quantitative analytics, real-time data and interactive reports is on the rise.
Investment management companies already recognise the need to invest in and maintain their systems, with companies seeking to realise cost efficiencies, replaceageing technology and adapt their systems to cater for changing regulatory requirements. Three quarters (74%) of companies have already made a significant investment in client reporting technology or minor upgrades to their systems over the last two years and more than half (61%) plan on further investment in client reporting technology over the next three years.
“The survey findings indicate that investment managers will need to focus on driving data quality improvements, better quality reporting and mobility solutions in orderto keep pace with evolving client requirements,” said Simon Cornwell, Global Sales and Marketing Director at Vermilion Software. “Investment managers may look to adapt their processes and technology to be in a better position to respond to increasing pressure for more timely and efficient processes, regulatory change and the increased need for service excellence.”
Respondents were drawn from top tier global investment management companies (58%), smaller private wealth managers (9%), brokerage and hedge funds (12%) and financial data companies (11%).
To download the report, please go to: http://bit.ly/1ylgi8m
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Bitcoin, ether hit fresh highs

SINGAPORE (Reuters) – Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalisation cross $1 trillion a day earlier.
The world’s most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year.
Bitcoin’s gains have been fuelled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.
Ether, the second-largest cryptocurrency by market capitalization and daily volume, hit a record $2,040.62, for a weekly gain of about 12%.
Ether is the digital currency or token that facilitates transactions on the ethereum blockchain. In the crypto world, the terms ether and ethereum have become interchangeable.
Ether futures contracts launched on derivatives exchange CME earlier this month.
(Reporting by Vidya Ranganathan; Editing by William Mallard)
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World Bank pushing for standard vaccine contracts, more disclosure from makers

By Andrea Shalal
WASHINGTON (Reuters) – The World Bank is working to standardize COVID-19 vaccine contracts that countries are signing with drug makers, and is pushing manufacturers to be more open about where doses are headed, as it races to get more vaccines to poor countries, the bank’s president said on Friday.
World Bank President David Malpass told Reuters he expected the bank’s board to have approved $1.6 billion in vaccine funding for 12 countries, including the Philippines, Bangladesh, Tunisia and Ethiopia, by the end of March, with 30 more to follow shortly thereafter.
The bank is working with local governments to identify and fill gaps in distribution capacity, after they purchase vaccines under a $12 billion World Bank program, and also to standardize the contracts they are signing with manufacturers, he said.
The bank’s International Finance Corp, its private financing arm, has $4 billion to invest in expanding existing production plants or building new ones, including in developed countries, but needs more data on where current production is headed, he said.
“We are eager to be investing in new capacity, but it’s hard to do because you don’t know how much of the existing capacity is already committed to the various off-takers,” Malpass said in an interview with Reuters. New or expanded plants could be used to produce other types of vaccinations in the future, he said.
The bank’s funds could be used to expand plants in advanced economies, if the production was earmarked for developing nations, he said.
Malpass welcomed Friday’s pledge by the Group of Seven rich countries to intensify cooperation on the pandemic, saying it could help jump-start deliveries of vaccines to poorer countries, which are lagging far behind rich countries in getting shots in arms.
Data compiled by Our World In Data, a scientific online publication, showed Israel was leading the world in COVID-19 vaccinations, with nearly 82 of 100 people vaccinated, while India and Bangladesh reported less than one person per 100, Many African countries have not started at all.
Malpass said he was heartened by news about new vaccines coming down the road, and about Pfizer Inc and BioNTech SE seeking permission to store their vaccine at higher temperatures, which would ease another obstacle to deliveries in lower-income countries.
(Reporting by Andrea Shalal; Editing by Heather Timmons and Leslie Adler)
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Google to evaluate executive performance on diversity, inclusion

By Paresh Dave
(Reuters) – Alphabet Inc’s Google will evaluate the performance of its vice presidents and above on team diversity and inclusion starting this year, the company said on Friday in one of several responses to concerns about its treatment of a Black scientist.
Timnit Gebru, co-leader of Google’s ethical artificial intelligence research team, said in December that Google abruptly fired her after she criticized its diversity efforts and threatened to resign.
Alphabet and Google Chief Executive Sundar Pichai ordered a review of the situation. While Google declined to share specific findings, the company announced on Friday it will engage human resources specialists during sensitive employee departures.
Pichai in June said that by 2025, Google aims to have 30% more of its leaders come from underrepresented groups, with a focus on Black, Latinx and Native American leaders in the United States and female technical leaders globally. About 96% of Google’s U.S. leaders at the time were white or Asian, and 73% globally were men.
As a result of the investigation, the company also expanded a commitment announced in June to devote more resources to retaining and promoting existing employees, including by expanding a team addressing disputes among workers and their managers.
The diversity component of executive performance reviews was not previously announced, and the company did not immediately share details about what would be measured and how pay would be affected.
Alphabet for years had rejected proposals from shareholders and employees to set diversity goals and tie executive pay to them.
Irene Knapp, a former Google employee who advocated for one such proposal at a 2018 shareholder meeting, said on Friday, “I am pleased that they met our demand from 2018, which was a bare minimum that should have been easy to do immediately.”
Evaluating managers on diversity goals is becoming more commonplace. McDonald’s Corp on Thursday tied executive bonuses to diversity.
(Reporting by Paresh Dave; Editing by Cynthia Osterman)