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Recently Published Research


When Predictions Are Wise

Jan 12, 2017

Cutter AdvantEdge
2 pages

It’s that time of year again, when our inboxes fill up with Top Trends lists, offering predictions and insights for the coming year on industry changes, issues, developments, and technological innovations. The lists are self promotional of course, but some can help you to anticipate industry direction, recognize new business issues, and re-prioritize your strategic plans for 2017.

Risk Management Systems

Oct 31, 2016

Research Report
238 pages

This Research report includes an overview of risk management products, and a detailed evaluation of systems that support market and credit risk management, as well as investment managers' risk management practices.

Areas covered include an introduction to investment risk, an overview of recent changes in the vendor landscape, the challenges facing the members, and the systems supporting market and credit risk. Product evaluations are included for risk management systems including Axioma Risk, BISAM Cognity, BlackRock Solutions Aladdin Risk, FactSet Portfolio Analytics Suite, FIS APT, Kamakura Risk Manager, MSCI Risk and Performance Suite, Riskdata, StatPro Revolution, UBS Delta, and The Yield Book.

Other vendor products discussed in this research include Bloomberg PORT, Calypso Enterprise Risk Service, Charles River Development Model 3, Misys FusionRisk, Moody’s RiskFrontier, OpenLink Findur, Ortec Finance GLASS, SimCorp Dimension, State Street truView, and Wilshire Omnia.

Managing Fintech

Oct 14, 2016

Research Report
59 pages

This CutterResearch report includes a review of new technologies that are beginning to affect buy-side firms, how firms view them, and how they expect to use them.

Technologies covered include artificial intelligence (machine learning and cognitive computing), blockchain (distributed ledger technologies), and new data technologies such as big data and data lakes. The results of a member survey and interviews are analyzed, including the expected impacts and benefits arising from the technologies. Also included are firms’ concerns and their attitudes to the use of open source tools. The  report also examines how firms manage the investigation, testing, and introduction of new technologies.

Mastering Client, Account, and Product Data

Oct 14, 2016

Research Report
139 pages

This report contains findings from Cutter Associates research on Mastering Client, Account, and Product (CAP) Data. It provides background on the industry drivers affecting investment managers, including those related to data quality and accuracy for this reference data.

This report covers current practices of member firms, suggested best practices for mastering CAP data domains, and the systems available to support mastering these data domains. Product reviews are included for MDM systems with CAP data functionality provided by Accudelta, Eagle, GoldenSource, IHS Markit, and NeoXam.

Cloud Computing

Apr 12, 2016

Research Report
44 pages

This research on cloud computing includes an overview of the various cloud computing deployment and servicing models, the risks and benefits of cloud computing, and best practices for cloud computing.

Market Data Administration

Apr 12, 2016

Research Report
125 pages

This research includes an examination of industry trends, member and best practices, and a detailed evaluation of systems for market data administration.

In this research, we examine industry trends and changing regulations impacting the market data needs of investment management firms. We look at member practices and explore best practices for market data administration, including ways of managing costs, supplier relationships, vendor risk, and duplicate data. We also provide detailed evaluations of MDA systems that support vendor contract management, user and service tracking, invoice reconciliation, and reporting.

Systems evaluated include:  BST FinOffice; MDSL MDM; Screen INFOmatch; and The Roberts Group FITS.

Performance Measurement and Attribution Systems

Apr 12, 2016

Research Report
274 pages

This CutterResearch report includes an overview of the industry and a detailed evaluation of systems that support performance measurement and attribution.

Areas covered in this research include a market outlook, member practices, and a detailed examination of systems that support performance measurement, attribution, and GIPS composite processing.

The vendors evaluated include:  Barclays Capital POINT; BISAM B-One; Confluence Unity Performance & Analytics; Eagle Performance; FactSet Portfolio Analytics Suite; IDC BondEdge Workstation; MSCI BarraOne; Opturo Virtual Investment Analytics (VIA); Ortec Finance PEARL; Robust Technologies; SS&C Anova Performance and Sylvan;  StatPro Revolution; Teknometry TekPAR and TekGAM; UBS Delta; VPD Risk & Performance; and Wilshire Analytics Omnia.

Other vendors discussed in this research include:  BlackRock Solutions Aladdin; Bloomberg PORT; Charles River Performance; Citi Yield Book; Cloud Attribution; SimCorp Dimension; and Thomson Reuters Eikon.

Opportunities for External Sourcing

Oct 14, 2015

Research Report
133 pages

This CutterResearch report describes members’ use of external sourcing for various business processes and technology functions. We discuss trends in the outsourcing industry, share member practices, and present descriptions of providers and the services they offer.

Areas covered in this research include a detailed discussion of rightsourcing and rightshoring, including the advantages and disadvantages of offshoring, nearshoring, and onshoring.

We examine why investment management firms externally source functions, what functions they outsource, and to whom they outsource those functions. We discuss best practices for making sourcing decisions, and developing and maintaining successful outsourcing relationships. And, we present three unique case studies highlighting member experiences and success factors.

We provide an overview of recent service provider trends and descriptions of providers, including BNY Mellon, BBH, Citco, FactSet, GoldenSource, HSBC Securities Services, Interactive Data, JP Morgan Investor Services, Morningstar, QED Financial Systems, RIMES, SS&C, State Street, SunGard, and Viteos.

Alternative Investment Systems

Oct 14, 2015

Research Report
151 pages

This CutterResearch report describes members’ use of alternative investment systems to support private equity and real estate, industry trends related to those asset types, and detailed reviews of system functionality.

Areas covered in this research include a detailed examination of core functionality to support private equity and real estate investments, a thorough analysis of vendors' product strategy, industry challenges, and how CutterResearch members are addressing those challenges.

The vendors evaluated in this study include: Backstop Solutions; eFront FrontInvest; Netage Dynamo; SS&C Technologies TNR; SunGard Investran; Vitech Systems Group V3; and Yardi Investment Suite.

We also include an overview of the private equity and real estate functionality available from The Burgiss Group (Private i, Private Informant, and Private iQ), Digiterre (Communica), Taliance Group (GlobalAsset), and Vertice Technologies (AltaReturn).

A Culture of Data

May 14, 2015

Research Report
48 pages

CutterResearch looks at best practices and industry trends that enable firms to get from just managing and governing data to a culture of data.

This report includes discussion of the organization structures, principles, and methods that support the cultural shift toward greater knowledge of, and responsibility for, data across the firm.

We include an overview of Data Governance Products from Collibra and Data3Sixty, as well as Metadata Management Tools from Adaptive, ASG, and Cambridge Semantics.

Order Management Systems

May 14, 2015

Research Report
201 pages

This CutterResearch report describes members’ use of order management systems, industry trends in OMS, and detailed reviews of system functionality.

Areas covered in this research include a detailed examination of core OMS functionality, a thorough analysis of vendors' product strategy and enhancement plans, and a look at industry trends and member practices.

The vendors evaluated in this study include: Advent Moxy; BlackRock Solutions Aladdin; Bloomberg AIM; Charles River CRIMS; CYMBA Technologies Athena IMS; Eze Software Eze OMS; Fidessa IMS; ITG Macgregor XIP; Linedata Longview; Markit thinkFolio, and Simcorp Dimension.

We also include an overview of the OMS functionality available in Black Mountain Everest, Calypso, and Misys FusionInvest.

Regulatory Reporting Solutions

May 14, 2015

Research Report
116 pages

CutterResearch provides an overview of vendor software products and services that support the production of reports of investment data to regulators.

In this report, we discuss how firms are organizing and the challenges they face to support the different regulatory reports they are required to file.

Vendor products reviewed include:  ACA NorthPoint RIR; AMfine AIFMD Solution; ConceptONE RegERM; Confluence Unity NXT; Deloitte Compliance Suite; Eze Software Group Regulatory Filings Manager; FundApps Rapptr; Indus Valley Partners RAPTOR; Kneip AIFMD Transparency Reporting; KPMG Luxembourg AIFMD Racer; Linedata Disclosure Manager; London Stock Exchange: UnaVista; Message Automation futureLANDSCAPE; Miles Software and Funds-Axis FundWare Compliance Monitoring; Solutions Atlantic Regulatory Reporting System (RRS); SS&C GlobeOp Regulatory Solutions; Systemic Solutions RiskValue; and Viteos Regulatory Reporting

Cyber Security

May 14, 2015

Research Report
72 pages

This Research report includes a look at cyber security trends and concerns that investment managers are increasingly facing.

We discuss current member practices to prevent, detect, and respond to these threats.  Also included is an overview of the cyber security vendor landscape.

Investment Book of Record

Oct 16, 2014

Research Report
96 pages

This research report answers the questions about what Investment Book of Record (IBOR) really means to investment management firms, why it is needed, how it can be implemented, and what vendor solutions offer.

This report includes reviews  of 15 different IBOR vendor solutions, ranging from front office systems to integrated front-to-back platforms, data hubs, accounting systems, and more. Investment Accounting Systems include Advent Geneva,  Linedata I-BOR, Multifonds, and SunGard InvestOne.  Order Management Systems include BlackRock Solutions Aladdin, Bloomberg AIM, and Charles River Development IMS. Integrated Solutions include Calypso Technology, Misys FusionInvest, and SimCorp Dimension.  Data Centric Solutions include DST Global Solutions Anova, Eagle Investment Systems Eagle Portfolio Management Suite, Fidessa Position Dynamics, GoldenSource EDM Suite, and SmartCo IBOR.

Data Access for Business Users

Oct 16, 2014

Research Report
93 pages

This report provides insights into how investment management firms are solving the requirements of users to access, format, and manipulate data. An overview of the leading vendor solutions is also included.

Data management strategies are maturing, supported by the steady evolution in data governance policies and data management infrastructure, and by the growing sophistication of business intelligence (BI) tools. This research provides insight into recent developments in these aspects of data management strategies as investment management firms strive to give users more power to access, format, and manipulate data. This report provides an overview of the following vendors: Actuate; Armanta; IBM; LogiAnalytics; Microsoft; MicroStrategy; Oracle; Pentaho; Pyramid Analytics; Qlik; SAP; SiSense; Tableau Software; and TIBCO.