Close Brothers picks Red Deer for MiFID II compliance

Close Brothers Asset Management has selected Red Deer’s Research Management solution to improve its MiFID II processes.

The wealth manager said the RegTech solution will help it better manage its research budgets and enforce stricter controls around inducement across its investment business.

Headquartered in London, Red Deer’s research valuation management solution captures and attributes firm research consumption across all research channels including email, chat and voice, giving buy-side firms the most accurate view of their research value.

Its Outlook plugin and mobile application helps firms be MiFID II compliant, whilst its advanced budget management allows firms to allocate budgets at the fund, strategy or individual level and track contributions from hard and soft budgets.

“Red Deer demonstrated a flexible, user-friendly solution that provides us with a single-point of entry for research consumption, inducement and attribution management,” said Robert Alster, head of research at Close Brothers.

“The solution will support our in-house research capability, while also tracking consumption of research on both a quantitative and qualitative basis. By streamlining the research process and making it more efficient, we are able to deliver even greater transparency and value to our clients.”

Red Deer looks to enhance the performance of active investment managers, serving a client base of leading hedge funds, asset managers and wealth management firms. In addition to Research Management the business also provides market & trade surveillance, which aims to simplify MAR compliance and risk. The solution detects & monitors all trading and communications on one platform, protects against regulatory inquiry, reduces operational overheads and helps avoid future violations.

Henry Price, CEO of Red Deer, commented, “We work closely with our clients to fully understand their unique requirements so that we can implement a tailored solution that not only accommodates their current process and makes it compliant, but also enhances it by providing accurate, up-to-date customised insight that helps improve their process and ensure their investors get the best possible value from research.”

Last year, Hermes Investment Management partnered with the RegTech startup to manage its research inducement, consumption, valuation and budgeting requirements, in compliance with MiFID II.

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