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Welcome to this blog!

Profil Ronald Knecht

...you've found a bilingual blog, so please choose "English" or "German". The blog represents personal views on IT systems and consulting in the asset management and investment banking market and focuses predominantly but not exclusively on issues in German speaking countries, respectively countries with a German speaking sub-community (DE, AT, CH, LU, LI, BE, IT).

For more information about this blog check out the blog note: I-2008 or all blog notes

Monday, July 30, 2007

Finance Professional Games

So, getting ready for an "exciting" conference call with a client?

Step one:
Prepare a four by four square, randomly filling each cell with one of the below phrases / words.

synergy
accretive
pitch
bottom line
revisit
double check
margin expansion
24/7
scrubbed
benchmarking
value-added
aggressive
premium
impressive growth
market
leverage

Step two:
Tick off each block when one of the phrases is mentioned

Step three:
When you have ticked off four boxes in a row, column or diagonally, stand up, bang your fist on the table and shout "BULLSHIT!"

Sunday, July 29, 2007

Capco übernimmt Derivate-Experten City Practitioners

Mit diesem Deal baut Capco seine Position in Deutschland aus. Das Unternehmen, das in den letzten Monaten auch einige Mitarbeiter von Bearingpoint abwerben konnte, scheint auf einem klaren Wachstumskurs zu sein.

Saturday, July 21, 2007

Berater-Ranking 2007

Das Manager Magazin führt in einer neuen Studie die aktuelle Reihenfolge der Berater in Deutschland auf (auch im Handelsblatt vorgestellt). Es sind die üblichen Verdächten (in der Strategieberatung): BCG, McKinsey, Bain, Roland Berger und Booz Allen Hamilton. Arthur D. Little, Mercer (jetzt Oliver Wyman), Droege und Simon - Kucher folgen auf den Plätzen. Dabei sind deutliche Unterschiede auch in der Anzahl der Mitarbeiter der einzelnen Berater deutlich: von 1900 (McKinsey) bis zu 190 (Simon - Kucher).

Nicht gerade die gleiche Reihenfolge ergibt sich bei Betrachtung des Images, und natürlich ergeben sich (zum Teil deutliche) Unterschiede, wenn einzelne Branchen herausgepickt werden. So ist in der IT-Beratung Booz Allen Hamilton führend, vor A.T.Kearney, Arthur D. Little, McKinsey und BCG. Dabei wird für die IT-Beratung weniger Geld ausgegeben als für Strategie-, Prozessberatung oder die für Organisation und Führung.

Wednesday, July 18, 2007

i-Bank Rock

Ok, here's a little musical note. As an investment banker who from time to time meets some normal people (non investment bankers and even when I'm really lucky, those strange people that don't work in finance ! :), I always get told that all investment bankers listen to is long out of fashion 80's music and techno. Well I'm here to prove them all wring with...er...welll, Elvis!

(Sung to the tune of Jailhouse Rock)

The analysts were parting in the 12th floor jail,
The cleaning staff were there and they began to wail,
The print room folks were jumpin’ and the joint began to swing,
You should’ve heard those knocked out banking monkeys sing.

Lets pitch, everybody, lets pitch
Everybody in IBD
Pitch so Rupert can get rich.

Associate 2 said to analyst 3,
You’re the cutest banker chick I ever did see,
I sure would be delighted with your company,
Come on and do this mega pitchbook with me.

Lets pitch, everybody, lets pitch
Everybody in IBD
Pitch so Rupert can get rich.

The summer intern was a sittin’ like a block of stone,
Modelling on his keyboard in his cubicle alone,
His associate threw his presentation marked in red,
‘N yelled boy if it don’t balance you gonna wish you were dead!

Lets pitch, everybody, lets pitch
Everybody in IBD
Pitch so Rupert can get rich.

The balance sheet was off and the intern started to cry,
He tried to trace the problem and on the second try,
The spredsheet started reffing at a quarter to twelve,
He knew it would be an allnighter for this pitch from hell.

Lets pitch, everybody, lets pitch
Everybody in IBD
Pitch so Rupert can get rich.

Thursday, July 12, 2007

Société Générale Security Services kauft Fondsadministration von Pioneer Investments

Heute ist es öffentlich: die Übernahme der Fondsadministration (Englisch, hier in Deutsch) der Pioneer Investments Kapitalanlage mbH der Security Service Tochter der SocGen. Der neue Name soll wohl "Société Générale Security Services" bleiben (der Name Euro-VL wurde nicht mehr erwähnt). Angeblich sollen etwa 170 Mitarbeiter übernommen werden.

Die spannendste Frage für mich ist: bleiben die Fonds nun auf Simcorp, oder werden sie auf die strategische Plattform der SocGen, GP3, migriert. Nachdem eben erst die Migration von V3 auf Simcorp so gut wie abgeschlossen wurde, wird das wohl eine schwierige Entscheidung.

Sunday, July 08, 2007

Asset Arena integriert GP3

Sungard hat (laut Pressemitteilung) in seiner Front-to-Back-Lösung Asset Arena das Fondsbuchaltungssystem GP3 integriert, und setzt zur Integration eine SOA (Service Oriented Architecture) ein. Asset Arena soll die Bereiche Trading, Compliance, Fondsbuchhaltung, Anlagekonten, Portfolio Management, Performance Measurement und Attribution abdecken.

Besonders interessant ist dabei der Hinweis auf GP3: "In Deutschland und Österreich kennzeichnet Asset Arena auch die Einführung von SunGards GP3, einer europäischen Fondsverwaltung für Asset Manager. Die web-basierte Lösung für die Verwaltung und Buchhaltung von internationalen Investmentfonds deckt alle Anforderungen der jeweiligen lokalen Märkte ab. GP3 wird als Teil der neuen Asset Arena Suite den Namen „Asset Arena Investment Accounting, powered by GP3“ tragen und ab Oktober 2007 für Deutschland und Österreich verfügbar sein."

Mehr Details sind in einer Präsentation von Produktmanager Matthias Olschewski nachzulesen. Hier steht insbesondere, welche V3-Produkte wie abgelöst werden: V3.Fonds duch "Asset Arena Investment Accounting GP3", V3.Grenzprüfung durch "Asset Arena Compliance" und V3.Portfolio durch "Asset Arena Decalog". Sungard verpflichtet sich darin, die Wartung und die gesetzlichen Anpassungen für V3.Fonds bis Ende 2010 (mit Option auf Verlängerung) weiter zu führen, und mindestens 2 Jahre vor Ablauf den Kunden eine entsprechende Mitteilung zu machen.

Nachtrag (7. August 2007): Noch aktuellere Informationen sind nun hier zu finden: www.sungard.de/gp3strategie.

Saturday, July 07, 2007

Fund Accounting and Transfer Agency Systems in Ireland

This survey by Deloitte (called "Fund Administration in Ireland", done 2006 and obviously released to public) shows the fund accounting and transfer agency systems in use in Ireland.

Most interesting (on page 21) is the amount of in-house fund accounting systems used: almost one third! The rest is Geneva (by Advent, a global hedge funds system as it is described), InvestOne (by Sungard), Star (by Eagle), MultiFonds FA (by IGEFI) and MFACT (in the survey said to be by Global Investment Systems, in the meantime acquired by LineData).

Two more interesting facts (re. fund accounting systems):

1st: "Advent Geneva and SunGard InvestOne are the applications of choice for those planning to change." Seems Sungard is really having an edge in the anglo-saxon dominated market (see also my post on innovation awards).

2nd: "Over 50% plan to change their fund accounting system." The reason for that may be the fact that the survey found that "Current applications appear to be relatively old, with 25% over ten years old and 50% over five years". And: "Of those planning to change, the vast majority of the investment will take place in the near future (2006/07)."

Re. transfer agency systems (summarized on page 25), the "in-house packages account for the majority (35%) of current TA systems in place. Here RUFUS (by Bravura Systems) and NTAS (by Koger) account for another 40% of the market. All current installations of these packages took place in the last 5 years." MultiFonds Transfer Agency has less than 5% market share. Unnamed systems have close to 30%.

The administrators plannings reveal that "at present no respondents expect to change their current TA system, with over 70% having changed in the last 5 years. If they were to change, 50% stated a preference for NTAS."

Seems there currently is no dynamic movement in the TA system market in Ireland - contrary to the fund accounting system market.

Wachablösung bei der Inka

Die Inka (Internationale Kapitalanlagegesellschaft) bekommt einen neuen Geschäftsführer, das die Portfolio Institutionell als "Wachablösung" schreibt. Spannend bleibt, ob die Inka auch Simcorp als Fondsbuchhaltungssystem einführt - hat doch die Mutter HSBC sich (angeblich weltweit) für IGEFI MultiFonds FA entschieden...

Thursday, July 05, 2007

the cluetrain manifesto - blog justification ?

This manifesto is a thought-provoking set of 95 theses (also available in German) that I started reading for one reason, and that is related to this blog: because it backs up the need for this blog and it justifies its existance.

I am working for a consultancy and I am writing arcticles in this blog that contain my personal opinion, not my employers. However, some things I said on products from various companies are causing frictions (because, from their point of view, my opinion is not correct in various points).

Are my activities on this blog a potential thread and/or risk for my employer ?

Tuesday, July 03, 2007

Windige Hypothekenkredite: Milliardenfonds vor dem Kollaps

Einmal mehr wird darüber berichtet (hier ein Spiegel-Artikel), dass ein bzw. hier zwei Hedge-Fonds vor dem Kollaps stehen. Diesmal scheint die Lage schon recht ernst zu sein...das erinnert mich doch sehr an den 1994 gegründeten Long Term Capital Management, der 1998 fast zum Zusammenbruch des weltweiten Finanzsystems geführt hätte.

Sunday, July 01, 2007

Innovation Awards

Financial-i has identified the winners for 2006 in several categories, defined by an impressive number of analysts and consulters. Amongst the categories is "The most innovative fund administration and accounting solution". The winner is: SunGard, and they are referring to...InvestOne (not V3 or GP3)! You may want to have a look into my other post here (in German), where I have reflected on Sungards strategy in Germany.

Interesting sidemark: The company to watch was identified to be IGEFI. What does its CEO Bertil Rouveure focus on as the differentiation product feature is his note there ? "However, its outstanding feature is the ability to comprehensively service both mutual fund and hedge fund requirements. "

Other memorable awards are:

The most innovative order management solution: Charles River.f Company to watch: LatentZero

The most innovative securities services provider in Europe: BNP Paribas. Company to watch: RBC Dexia Investor Services

The most innovative reference data solution: Asset Control. Company to watch: Capco

You can find the awards in detail as a PDF here.