TISA Universal Reporting Network (TURN) has announced the launch of its platform across the European asset management market.
TURN is a new industry-run digital utility business that looks to deliver solutions for key data exchange problems faced by the asset managers, such as easing the regulatory reporting requirements of MiFID II.
The utility currently covers over 60 percent of the market. Firms that have so far signed up include Allfunds, Calastone, Deutsche Bank, Fidelity International, Link Group, MFEX, KNEIP, Transact Deutsche Wealth Services, FNZ, and Fund Connect.
Meanwhile, Pete Davies has been appointed the chair of the freshly created TURN governance board, which has completed its first meeting.
TURN aims to make transactions more reliable by simplifying access to required data. All parties utilising the platform in a transaction have access to the EMTs (European MiFID II Template) on a real time basis. Before the building of TURN, this exchange of information could be inconsistent, with firms struggling to obtain all the data required from other firms to enable disclosure of all costs in an investment. This was leading to a lack of transparency, and inappropriate products being marketed to retail investors.
The participating firms have also reduced management costs through the platform. Previously, data management costs previously averaged £200,000 per year. TURN has reduced these costs to less than £30,000 per year (fee depending on size of firm and whether or not they are a TISA Member), with a one off £15,000 joining fee (£18,750 for non-members).
The initial scope of the platform is EMT data in the UK market, but TISA and the MiFID II committee plan to build additional functionality to the platform over time such as ESG data, and increase geographical scope. The next developments have now been agreed as PRIIPs (Packaged Retail and Insurance-based Investment Products) and a Feedback Template. TURN is also working with FinDatEx to create an agreed standard for Fund Static Data.
Gary Bond, chief executive officer of TURN, said: “I am glad to announce that TURN is now live. This is an industry-led and run, not-for-profit initiative that will ultimately ensure that consumers are offered the best and most suitable products while lowering costs and time spent on admin for asset managers. A huge amount of work from all of the participating firms has gone into building this utility to ensure it is fit-for-purpose. The impact TURN will have for asset managers, distributors, IT firms and other platforms across Europe is huge. Finally, the technology is catching up with the needs of the investors and their asset managers.”
Matt Newnham, managing director at MFEX added: “After working with TISA on this project since its inception, MFEX is thrilled that TURN has now launched to the market across Europe. We are already seeing the benefits of building a fully transparent, immutable and efficient exchange of regulatory and fund data, through a data utility for the asset management and fund distribution industry.”
