Finbourne Technology has launched LUSID (Liberated Unified Secure Investment Data-machine), a new cloud-based asset management platform designed to replace existing in-house software and hardware.
Finbourne says LUSID can dramatically cut operational and capital costs, modernise capability and liberate managers from infrastructure worries to concentrate on their core competency – asset management.
LUSID was built to become a market utility. Just as no business would think of installing its own water supply, nor should fund managers endure the pain and huge expense of installing, updating, staffing and worrying about systems for recording and accessing investment data. These are non-differentiating activities and their costs will be mutualised by LUSID, using the very latest technology and security protocols.
LUSID competes in the global investment technology market where
Finbourne estimates fund managers spend more than USD40 billion annually on investment technology, representing a significant part of overall costs charged to clients – costs which are under scrutiny by both regulators and institutional investors. LUSID by Finbourne has been created to offer solutions to both cost and data transparency exigencies.
Benedict Nielsen (pictured), co-founder, says: “Expectations from regulators, clients and risk managers have changed the market, and we need to call time on asset managers continuing to spend their days managing technology, rather than concentrating on their clients’ money. We’re not adding a bolt-on tactical solution to a systemic challenge. LUSID is a step change that addresses industry-wide dysfunction. It is the foundation for future innovation for the benefit of the customer.”
Thomson Reuters adds: “Finbourne’s values of openness and collaboration closely align to those of Thomson Reuters. We are excited by the ability of their LUSID technology, which will transform the way asset managers handle data now and in the future.”
Incorporated in December 2016, Finbourne has taken on a significant external funding round from some leading investors and is currently in active contract negotiation with some of the world’s foremost asset managers and financial services companies.
LUSID launches with backing from high-profile corporate and personal investors including Thomson Reuters, Frontline Ventures, Keith Morris, Chairman of Sabre Insurance, Chris Fleming, Vice-Chairman, Nomura Europe and noted Silicon Valley investor, Roger Allen. Finbourne was created by three seasoned financial services executives, all of whom at one time worked at UBS.
