FundsLibrary and FactSet form Solvency II Partnership

Fund data solutions provider FundsLibrary and FactSet, a leading provider of integrated financial information and analytical applications, have joined forces to provide a comprehensive Solvency II Pillar 3 reporting solution. This unique partnership offers a guiding light amidst industry-wide challenges regarding Solvency II regulations.

FundsLibrary and FactSet will enable Fund Groups to prepare the required data reporting formats quickly, accurately and with limited impact on their business operations. The reports will then be distributed to appropriate Insurers on time and under licence, ready for their own Solvency II processes.

The partnership will see FundsLibrary providing validated portfolio and look-through data, and FactSet providing enrichment data, with FundsLibrary’s Solvency II Manager solution bringing the datasets together to complete the Tripartite on behalf of Asset Managers and then distributing it on to their Insurance clients. So far more than a dozen organisations have now chosen the FundsLibrary and FactSet service to satisfy the asset reporting requirements of their insurance clients and this number is growing rapidly.

FundsLibrary’s Head of Business Development, Steve Elford, commented:

“The arrival of the Solvency II Directive has presented new and uncharted challenges to our industry. Together with FactSet we are offering a complete solution to the market – one that ticks the regulatory boxes and at the same time eases the pressure on our customers.”

Anastasia Dokuchaeva, FactSet’s Director of Global Regulatory Solutions, added:

“Solvency II presents buy-side investment professionals with significant data governance and reporting challenges. This pioneering partnership, which leverages FactSet’s comprehensive and integrated financial data and FundsLibrary’s data exchange expertise, offers an industry leading solution to address the Solvency II directive.”

FundsLibrary is well known as a hub for the financial services industry, bringing in data from Asset Managers, validating it and distributing it to a range of data consumers including Wrap Platforms, IFAs, DFMs, Wealth Managers and more. FactSet’s entity, terms & conditions and bond analytics data will complement and enhance FundsLibrary’s Solvency II service and provide a plug-and-play data solution for Asset Managers.