American software firm Veracen has signed a global co-development, co-marketing and collaboration agreement with French software company Linedata Services to develop financial technology solutions for institutional investors.
Apart from co-development of fintech platforms, the agreement also provides for co-marketing and branding globally in Europe, Asia, and the US with global support, client customization, wrap around services, installation, and training.
Powered by Linedata’s financial application platform, the Veracen technology solutions are designed to be fully integrated set of applications for institutional investors worldwide.
It will boast of customised portfolio management tools and analytics, incorporating a unified data set from the investment decision through to performance and risk analytics, as well as the tracking of third party managed accounts in a single unified control environment, Veracen said.
Linedata head of business development Mike de Verteuil said: “Our combined offering creates a complete front-to-back platform integrating all applications required by a large asset manager, at a significantly lower cost and in a package that can be deployed with complete agility and transparency. The utilization of a single data set is truly groundbreaking—historically, clients have been severely encumbered with numerous costly legacy systems that do not allow full data management or transparency of trading, portfolio management, client performance, risk management, and reporting.”
Veracen CEO Michael Kennedy said: “Today’s announcement is the culmination of many years of research, investment, and development conducted by both Linedata and Veracen.
“The combined Veracen Linedata platform provides a strong solution for large asset managers, such as sovereign wealth funds and pension funds that have underlying beneficiaries with a choice of investment strategies. Our platform provides an elegant and efficient technology solution to this challenge, allowing administrators to seamlessly apply investment strategies across millions of beneficiaries with enhanced tools and lower costs; thereby eliminating numerous legacy systems and inefficient separate databases.
Last year, Veracen established Turner Investments as the “beta site” for the combined Veracen Linedata technology platform for global fixed income and credit strategies.