Data integrity was the top concern of fund operations executives, according to a survey released by Confluence at the Association of the Luxembourg Financial Industry’s spring conference on Wednesday.

“As investors call for increased transparency and regulators step up reporting requirements, fund companies face greater pressure to make more information available more frequently,” says Kirk Botula, executive vice president and chief operating officer of Confluence, a Pittsburgh-based investment data management software firm.

The study polled about 130 operations executives from U.S. and European asset managers and fund administrators. Of those about 86 percent said they were worried about the accuracy of their data while 72 percent worried that manual processes in their back-office prevented them from meeting their reporting deadlines. The survey did not specify what those processes were.

Inaccurate market, reference and corporate actions data can result in errors in net asset values, client and regulatory reporting. Among the key reasons for poor data quality cited by Confluence were errors at the source; the use of spreadsheets and the lack of reconciliation of records between the asset manager and fund administrator.

This article can also be found at SecuritiesIndustry.com.

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