Arkéa Investment Services, the asset management and private banking arm of the French co-operative and mutual group Arkéa, has selected an IT company called NeoXam to provide its front-to-middle office portfolio management system for its affiliates, Federal Finance Gestion and Schelcher Prince Gestion. NeoXam Tracker 3 comes with a set of pre-configured UCITS compliance rules by default.

NeoXam Tracker 3 will allow Arkéa to manage its whole asset management process, with the back office (compliance) firmly in control of the rules that govern traffic between the middle and front offices. Joseph Cordahi at NeoXam told Compliance Matters about the rules that the system is configured to obey from the European Union's Undertakings for Collective Investment in Transferable Securities Directive: "These rules are working in conjunction with standard regulatory categories, defined in NeoXam Tracker3 static data referential. Each client has of course the capability to create new rules, or modify existing ones. Furthermore, NeoXam has a dedicated regulatory watch team fully working on regulatory updates in the buy-side industry. These rules (Solvency II, IFRS9, MIFID II, PRIIPS, FRTB, etc) are coming at a faster and faster pace.”

NeoXam Tracker 3 will enable Arkéa to concentrate all its activities on one platform, will simplify its information system and will provide straight-through processing, i.e. it will allow the firm to transfer information that has been electronically entered from one party to another in the settlement process without anyone having to re-enter the same pieces of information over and over manually. It also aims to help Arkéa to deal with regulatory constraints more efficiently. The system manages electronic orders and matches portfolios with third parties administrators. Arkéa believes that the 'compliant' nature of this software will help it to attract more asset managers.