Banking and Financial Services Outsourcing
High operational costs and improving risk management are the most critical operational challenges faced by organizations due to recessionary pressure and recent regulatory changes across the globe. A recent survey conducted by WNS with FSO Knowledge Exchange, to re-assess the outsourcing models in the asset and investment management industry, threw up no surprises. However, each issue highlighted would find the right solution in outsourcing. The benefit lies in the opportunity to work with organizations skilled in managing specific business processes and, ultimately, the ability to deliver on projects, more efficiently and with better overall results. Watch out for the launch of the report on our Website on many interesting trends and solutions on outsourcing in the asset and investment management industry.
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The UK Budget 2011 shows attempts at reviving the housing market that has been depressed for the last many years. While it is too early to assess the real impact of the budget on mortgage; there have been some specific measures that apply to a very small segment of the buyers who have been impacted by the sluggish economy and the depressed job market.
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Hedge funds account for nearly USD 2 trillion of assets under management. The recent regulatory changes recognize their proximity to the mainstay of investment management, and take cognizance of their systemic importance. Read on to find out how a substantial value can be created for hedge funds by independent third-party business process outsourcing players.
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Wealth management companies have been severely impacted by the recession. To underscore its impact, Assets Under Management (AUM) were down 19.4 per cent in December 2008 as compared to a year earlier according to a survey of top wealth managers by Wealth Managers 2009. Additional impacts on the industry also come from a plethora of financial regulations such as MIFID and IAS 37 and a new European Union proposal to regulate alternative investment fund managers.
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Millions of US homeowners who are struggling to avoid foreclosure and retain their homes have found a lifeline in the recently approved “Home Affordable Modification” program. The federal government approved the plan that permits homeowners to modify their mortgages in order to lower their monthly payments, pledging USD 75 billion to stem the rising tide of foreclosures.
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In response to my previous post, a few readers suggested that indexation available via gains in capital markets will boost the value of retirement assets over the long term, assuming the markets will recover. Others are seeking an answer as to what can be done to address the situation. In the meantime, with the collapse of asset values, the scenario has become worse for pension funds and IRAs. A few group IRAs in the US are even suspending their matching contribution.
The situation is compounded by the decline in markets, failures of businesses to generate enough revenue, and lengthening life spans, changing the actuarial tables. However, employees and employers can get a head start if they take a few simple steps...
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I recently came across a paper on public pension programs in US by Robert Novy-Marx and Joshua D. Rauh from University of Chicago. According to the paper “Insuring both taxpayers against funding deficits and plan participants against benefit reductions would cost almost $2 trillion today, even though governments portray state pensions as almost fully funded.”
Upon further research I came across some more facts from Employee Benefit Research Institute (EBRI), Department of Labor (DOL) and Pension Benefit Guarantee Corporation (PBGC)...
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