SIX launches new Tax Score service for assessing tax-related costs

By Megha Bhattacharya

SIX today announced the launch of SIX Tax Score for analysing the tax consequences of financial products, available to banks, wealth managers and asset managers in the form of a benchmark covering Swiss, UK and French tax jurisdictions. The new solution calculates a daily tax cost ratio for the asset in question. The calculation method of the new data tool was developed in partnership with a global Big Four tax partner.

Marion Leslie, Head Financial Information & member of Executive Board, SIX, highlighted, “We are very excited to unveil this new and innovative data offering that marks our entry into front-office data provision in wealth management. SIX Tax Score will allow banks, wealth managers and asset managers to not only fulfil their tax reporting duties in their back office but also anticipate tax costs when advising clients. With increasingly complex and ever-changing tax regimes, this will become crucial in investment decisions and client advisory.

“At SIX, we will continue to develop new data services and analytics for the whole securities value chain, including advisory and research, to ensure our clients have access to premier data solutions that help them meet their business objectives.”

SIX’s Tax Score is expected to benefit various market participants who can now deliver important tax cost information to investment advisors or directly to individual investors. The tax efficiency score can also be used in the portfolio management investment process to find more suitable financial products from a tax-related cost perspective. The product supports further workflow automation of wealth managers and asset managers.

The company is currently working to expand the scope of SIX Tax Score with the inclusion of other tax jurisdictions to service the growing customer base.