TURN launches in the European asset management market
By Megha Bhattacharya
Digital utility business for the asset management industry, TISA Universal Reporting Network (TURN) today announced the launch of their platform, that aims to ease regulatory reporting requirements of MiFID II and is now available across Europe based on blockchain technology. Pete Davies has been appointed the Chair of the TURN Governance Board.
Firms who have so far signed up for TURN include Allfunds, Calastone, Deutsche Bank, Fidelity International, Link Group, MFEX, KNEIP, Transact Deutsche Wealth Services, FNZ, and Fund Connect.
Gary Bond, CEO of TURN, said, “I am glad to announce that TURN is now live. This is an industry-led and run, a 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. 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.”
TURN stated that it will continue to deliver solutions to data exchange problems faced by the industry over the next 18 months. The next developments include 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.
Matt Newnham, Managing Director at MFEX said, “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.”
Recently, The Investing and Saving Alliance, TISA, announced that it has been awarded a £340k Smart grant from Innovate UK. The newly acquired grant is expected to enable TISA to speed up the development of its Digital ID scheme, thus allowing UK consumers to access digital financial services with the creation of a single and reusable ID for individuals. The grant will be used to develop and test consumer proofs of concept and the proposed technical approach.
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