Financial services technology specialist Fiserv has formed a partnership with Financial Market Data Services (FMDS) to offer broker-dealers, asset managers, turnkey asset management providers and outsourcers an outsourced, end-to-end securities class actions claims processing solution.
The solution focuses on managed accounts, a high growth segment, and can be extended to support all class actions claims for a firm, bringing efficiencies to what can be an inefficient, fragmented and manual process.
Fiserv said that securities class action filings, typically processed within the corporate actions areas of broker-dealer and asset management firms, can be highly complex and time-consuming. The steps necessary to fully comply with the fiduciary requirements are often manual, which can introduce errors. While many asset managers rely on custodians to process filings for their mutual funds, managing filings for separately managed accounts (SMAs) can still be difficult. Broker-dealers are also challenged by requirements to notify investors of new claims within a short time frame. For all firms, inefficiencies in filings can result in missed opportunities to bring recoverable assets back into investor accounts.
“This new capability has the potential to provide Fiserv clients with an effective way to increase their assets under management and provide additional value to their clients,” said Cheryl Nash, president, investment services, Fiserv.
“By offering an end-to-end solution, from investor notifications through to funds distribution, FMDS and Fiserv will enable investors to claim their own funds through a truly automated process,” added John Regan, president, FMDS.
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