Minneapolis-based Investment Advisers Inc. added its London office to its risk oversight compliance system, which uses client investment guidelines to monitor individual portfolios.
The system, which uses a module of Thomson Investment Software's PORTIA, was rolled out at IAI during the past six months, with the London office going live in May, said Kelly T. Coughlin, vice president and director of compliance.
The system creates a daily exception report that identifies trades that don't fit into a specific client's portfolio, Mr. Coughlin said. The report is generated the next business day.
The need for a compliance system that included specific client guidelines resulted from client growth.
It was becoming increasingly difficult to track individual investment guidelines, he said.
And getting client guidelines into the system proved to be the most difficult task in implementing the compliance module, given the variety of investment guidelines, and the importance of getting the information in correctly.
IAI also built a central data storage system that uses data from the PORTIA system, as well as from a front-end equity trading system produced by Merrin Financial Inc. and from a system produced by its mutual fund transfer agent, Mr. Coughlin said.