The solution focuses on managed accounts, a high-growth segment, and can easily be extended to support all class actions for a firm, bringing efficiencies to what can be an inefficient, fragmented and manual process.
Securities class-action filings, typically processed within the corporate actions areas of broker/dealer and asset management firms, can be highly complex and time-consuming. The steps necessary to fully comply with the fiduciary requirements are often manual, which can introduce errors. While many asset managers rely on custodians to process filings for their mutual funds, managing filings for separately managed accounts (SMAs) can still be difficult.
Broker/dealers are also challenged by requirements to notify investors of new claims within a short time frame. For all firms, inefficiencies in filings can result in missed opportunities to bring recoverable assets back into investor accounts.
“This new capability has the potential to provide Fiserv clients with an effective way to increase their assets under management and provide additional value to their clients,” said Cheryl Nash, president of investment services at Fiserv.
“By offering an end-to-end solution, from investor notifications through to funds distribution, FMDS and Fiserv will enable investors to claim their own funds through a truly automated process,” said John Regan, president of Financial Market Data Services.
Fiserv is a global provider of financial services technology solutions.