Pzena Investment Management has agreed to use the Securities Transaction and Asset Reconciliation System (STaARS) and Custodian Reconciliation Data Collection Service (RecCollect) from Electra. Pzena was seeking a reconciliation system, as it was manually reconciling holding statements to custodian statements.
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New York Investment Firm Weighs Recon Vendors, Trade Matching
Pzena Investment Management plans to automate reconciliation and is deciding between products manufactured by Electra and FMC. Pzena said reconciliation is a very manual labor intensive process and an automated system will allow Pzena to immediately locate exceptions, a time-consuming process under the current back-office scheme.
WestLB Sub Installs Electra Software to Digitize Recon, Cash
WestLB Asset Management has licensed and installed Electra‘s STaARS application and subscribed to Electra’s RecCollect service to automate cash and securities reconciliations. The benefits of the application and service include a more efficient reconciliation operation, and enable companies to work with their custodian to correct errors as early as possible.
Aronson + Johnson Halts Automations Project Citing Year-End Crunch
Aronson + Johnson + Ortiz has halted a plan to further automate its back office. Last year, the investment manager went live with Securities Transaction and Asset Reconciliation System (STaARS) and Custodian Reconciliation Data Collection Service (ReCollect) from Electra.