Leading global fund distributors and fundinfo found the openfunds association
March 07, 2017 |
etfinfo | Company | Front | News | Platform |
In the funds business, the volume of data and speed of information transmission have increased considerably in recent years. And yet fund static data, the complex and often lengthy data used to characterise a fund, is still disseminated in an old-fashion way; via Excel spreadsheets. These manually prepared spreadsheets, often different for each fund distributor, contain fields that are open to interpretation leading to duplication of effort and unnecessary errors.
For these reasons, the non-profit initiative openfunds was launched in 2014 with the aim of establishing an industry standard for fund data. With the creation of the non-profit association openfunds on January 25, 2017 by founding members UBS, Credit Suisse, Bank Julius Baer & Co. and fundinfo, openfunds takes a significant step towards its goal: increasing the efficiency and quality of fund data management. Currently 45 internationally active companies back the openfunds standard.