Schroders to use Clarient Entity Hub

Schroder Investment Management (Luxembourg) has gone live on Clarient Entity Hub, a utility-based service which eliminates costs and risks associated with the bilateral exchange of client entity data and documentation between institutional investment managers, hedge funds, corporations, broker/dealers and custodian banks.
The service enables users to establish and manage their unique client relationships and associated entity data and documentation from a single, secure location, with functionality to identify, collect, and validate integral content necessary to meeting global Know Your Customer (KYC) requirements. It also leverages data from DTCC’s Avox Data Services, including over two million validated legal entities.
Schroders says it has made the move to assist KYC processing for intermediary and institutional investors at its Luxembourg funds hub, and to help counterparties to complete their KYC processing on its Luxembourg funds.
“KYC has become more demanding over the past 10 years”, said Noel Fessey, Schroders’ global head of fund services. “Legislators and regulators demand higher standards of defence against money-laundering, terrorist financing and tax evasion. Investors also demand better protection against operational and conduct-of-business risks in intermediary fund distribution networks. The list of documents to be obtained from a prospective customer or counterparty is long, and ongoing review obligations means that they must be regularly checked and renewed if necessary. This is challenging for fund promoters, investors, intermediaries and counterparties, and repetitive for many of them.”
Fessey added: “We see Clarient serving a common interest, helping parties to ensure that they comply with their KYC obligations to appropriate standards whilst bringing vital improvements to efficiency and usability.”