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Pwc Investment Management and Real Estate Investment Management and Real Estate Focusing on outsourcing controls An extract from European IMRE News January 2008 6 PricewaterhouseCoopers European Investment Management and Real Estate News January 2008 Focusing on outsourcing controls Growing derivatives use and the call for greater transparency in alternatives are making the control of outsourcing partners an urgent topic Ian Davis New trends in both mainstream and alternative investment are driving increased PricewaterhouseCoopers (UK) derivatives use, as providers seek to increase absolute returns and develop ever +44 20 7 212 4254 more complex product structures. Yet the non-uniform nature of derivatives contracts, especially OTC contracts, means that existing middle and back office David Adler systems cannot automatically process many derivatives trades/margin calls or PricewaterhouseCoopers (UK) settlements. +44 20 7804 6493 Derivatives processing is a non-standard task that requires advanced IT systems that fund administrators are even now racing to build. As a result, investment managers are increasingly relying on the fund administrators to invest in new systems and provide solutions to the technical issues faced. Clearly, as complexity increases, the control and oversight of outsourced administration becomes far more difficult. For investment managers, tackling this issue is critical to achieving business plan objectives. Failure to have adequate administration, backed by robust controls, can prevent them from moving into new product areas. As a starting point, investment managers need to remember that they are ‘delegating not abdicating’ administrative or regulatory responsibilities. They then have to assess the most effective way to outsource administration, which may not always be the most straightforward. Finally, they need to consider how they can communicate the robust nature of their outsourcing model to both investors and regulators. Mainstream managers are following hard on the heels of hedge fund and other alternative managers, where the model typically outsources pretty much everything apart from the front office investment decision-making. Both institutional investors and regulators are becoming aware of the operational risks surrounding derivatives use and outsourcing. For this reason, institutional investors are increasingly keen to understand the operating models used by their investment managers, while the UK’s Financial Services Authority continues to focus on core operations and outsourcing arrangements. Calling on specialist administrators The role of assurance reports But the greatest difficulty for In an environment where institutional investment managers is that even the investors are generally demanding large fund administrators do not yet more transparency, there is an have systems able to cope with all awareness of the hazards of derivatives areas of derivatives processing. In spite processing. This is leading to more of considerable investment, most still control reports being conducted, such have ‘silos’ of derivatives expertise as the AAF 01/06 assurance report that rather than integrated application the Institute of Chartered Accountants infrastructures. in England and Wales (ICAEW) published guidelines for in June 2006. Consequently, it may make most sense (SAS 70 reports, issued by the for investment managers to work with American Institute of Certified Public several niche administrators, selecting Accountants, are the US equivalent.) the best specialist firm in each area. In order to do this, an investment Certainly, several of London’s larger manager may need infrastructure hedge fund managers have either internally that allows it to ‘plug and commissioned, or are considering play’, or move from one administrator commissioning, controls reports such to another as it makes sense to do so. as this. Additionally, the majority of Dublin-based administrators have done What is more, this increased level of so for their businesses. outsourcing may need to be reflected in the investment manager’s operations Given the expectation that derivatives department. New skills may be use will continue to grow across all required, for example to manage and sectors, and that institutions will provide oversight over the relationships continue to seek more transparency with administrators. from alternative investment managers, we anticipate that such independently conducted control reports will become far more common. 30 PricewaterhouseCoopers European Investment Management and Real Estate News January 2008 Investment Management and Real Estate contacts European IMRE News is produced by experts in their particular field at PricewaterhouseCoopers, to address important issues affecting the investment management industry. If you would like to discuss any aspect of this document, please speak to your usual contact within the network of member firms of PricewaterhouseCoopers International Limited or one of those listed below: Global Investment Management Andrea Cerne-Stark Elisabetta Caldirola PricewaterhouseCoopers (Austria) PricewaterhouseCoopers (Italy) & Real Estate Leadership Team +43 1 501 88 1720 +390 2 7785 380 Marc Saluzzi Emmanuele Attout Juris Lapshe PricewaterhouseCoopers (Belgium) PricewaterhouseCoopers (Latvia) PricewaterhouseCoopers (Luxembourg) +32 2 710 40 21 +371 709 4400 Global Investment Management & Real Estate Brendan McMahon Chris Butler Industry Leader PricewaterhouseCoopers (Channel Islands) PricewaterhouseCoopers (Lithuania) +352 49 48 48 2511 +44 1534 838234 +370 5 239 2303 [email protected] Costas Mavrocordatos John Parkhouse PricewaterhouseCoopers (Cyprus) PricewaterhouseCoopers (Luxembourg) David Newton +357 2 555 202 +352 49 48 48 2133 PricewaterhouseCoopers (UK) Petr Kriz Joseph Camilleri Global Investment Management Tax Leader PricewaterhouseCoopers (Czech Republic) PricewaterhouseCoopers (Malta) +44 20 7804 2069 +420 2 5115 2045 +356 25 647 603 [email protected] Mikael Sørensen Fred Gertsen PricewaterhouseCoopers (Denmark) PricewaterhouseCoopers (The Netherlands) Uwe Stoschek +45 3945 9102 +31 10 407 6622 PricewaterhouseCoopers (Germany) Urmas Kaarlep Geir Julsvoll Global Real Estate Tax Leader PricewaterhouseCoopers (Estonia) PricewaterhouseCoopers (Norway) +49 30 2636 5286 +372 614 1801 +47 23 16 0540 [email protected] Tuukka Lahkela Antoni F Reczek PricewaterhouseCoopers (Finland) PricewaterhouseCoopers (Poland) Kees Hage +358 9 2280 1333 +48 22 5234 339 PricewaterhouseCoopers (Luxembourg) Jean-Pierre Bouchart António Assis European Investment Management & Real Estate PricewaterhouseCoopers (France) PricewaterhouseCoopers (Portugal) Industry Leader +33 1 5657 1702 +351 213 197 013 +352 49 48 48 2059 Arno Kempf Vasile Iuga [email protected] PricewaterhouseCoopers (Germany) PricewaterhouseCoopers (Romania) Henrik Steinbrecher +49 69 9585 2367 +40 21 202 8800 Edgar C Lavarello Richard Gregson PricewaterhouseCoopers (Sweden) PricewaterhouseCoopers (Gibraltar) PricewaterhouseCoopers (Russia) European Real Estate Industry Leader +350 78267 73520 +7 095 967 6327 +46 8 555 330 97 Nicos Komodromos Peter Vazan [email protected] PricewaterhouseCoopers (Greece) PricewaterhouseCoopers (Slovak Republic) Barry Benjamin +30 210 6874 671 +421 25441 4101 David Wake Pierre de Villiers PricewaterhouseCoopers (US) PricewaterhouseCoopers (Hungary) PricewaterhouseCoopers (South Africa) North American Investment Management +36 1 461 9514 +27 11 797 5368 Industry Leader Hjalti Schiöth Antonio Greño +1 410 783 7623 PricewaterhouseCoopers (Iceland) PricewaterhouseCoopers (Spain) [email protected] +354 550 5337 +34 91 568 4636 Robert Grome Damian Neylin Sussanne Sundvall PricewaterhouseCoopers (Ireland) PricewaterhouseCoopers (Sweden) PricewaterhouseCoopers (Hong Kong) +353 1 792 6551 +46 8 555 33 273 Pacific Rim Investment Management Industry Leader Mike Simpson Thomas Huber +852 2289 1133 PricewaterhouseCoopers (Isle of Man) PricewaterhouseCoopers (Switzerland) [email protected] +44 1 624 689 689 +41 58 792 2436 Joseph Fellus Pars Purewal PricewaterhouseCoopers (Israel) PricewaterhouseCoopers (United Kingdom) +972 3 795 4683 +44 20 7212 4738 If you would like to receive copies of this newsletter or would like further information about PricewaterhouseCoopers Investment Management and Real Estate publications, please contact Denise Cook at [email protected] Editor: Rupert Bruce pwc.com © 2009 PricewaterhouseCoopers. All rights reserved. PricewaterhouseCoopers refers to the network of member firms of PricewaterhouseCoopers International Limited, each of which is a separate and independent legal entity. PricewaterhouseCoopers provides industry-focused assurance, tax, and advisory services to build public trust and enhance value for its clients and their stakeholders. More than 155,000 people in 153 countries across our network share their thinking, experience and solutions to develop fresh perspectives and practical advice. This report is produced by experts in their particular field at PricewaterhouseCoopers, to review important issues affecting the financial services industry. It has been prepared for general guidance on matters of interest only, and is not intended to provide specific advice on any matter, nor is it intended to be comprehensive. 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