More than half, or 53%, of money managers surveyed by SimCorp said they are not confident that investment performance figures they report are accurate.
Also, 80% of the 88 money managers surveyed by SimCorp, a provider of investment management software, said portfolio managers do not receive investment-performance numbers based on intraday position calculations, and only 59% can determine trades, prices, foreign-exchange rates and security classifications behind their portfolios' performance numbers.
Marc Mallett, vice president of product and managed services at SimCorp, said the survey results showed that many money managers are lacking the data needed to make “high-quality investment decisions.”
“If performance data is not up-to-date, there is an inability to see what's actually driving the performance,” Mr. Mallett said. “This casts a large doubt on the accurate tracking of investments, which does not inspire investor confidence.”
The managers surveyed had a combined $22.5 trillion in assets under management.