One-Stop Cloud Solution Automates Processes, Fulfills Regulatory Requirements for Asset Manager
LONDON and CHICAGO, Feb. 13, 2019 /PRNewswire/ -- CloudMargin, creator of the world's first and only collateral and margin management solution native to the cloud, announced today that PPM America, Inc. (PPM), a subsidiary of UK-based Prudential plc, has just gone live on its platform. The investment manager with $119.16 billion in assets as of Jan. 31, 2019 – including $9.31 billion managed by PPM Finance Inc., an affiliate that manages commercial mortgage loans and certain real estate investments – is now using CloudMargin for its entire collateral management margin workflow, collateral optimization and trade reconciliation with counterparties and futures commission merchants (FCMs).
CloudMargin CEO Steve Husk said: "We've been able to provide PPM with a one-stop solution for all things collateral, from calculating margin to meet Variation and Initial Margin requirements, to reconciling trade-level positions, to enabling the firm to automate its collateral processes, including sending payment instructions directly via SWIFT to its various custodians."
The collateral workflows have been streamlined at PPM with the implementation of CloudMargin. With the tool, PPM is able to quickly onboard new counterparty relationships and add new accounts to existing relationships in short order. PPM noted the implementation and support staff have been great partners in helping achieve their goals.
Before selecting CloudMargin, Chicago-based PPM had engaged in a comprehensive search for an enterprise collateral management solution that would meet its stringent requirements for workflow, optimization and reconciliation for the wide range of instruments in its portfolio. The agreements and types of transactions the workflow accommodates include:
- ISDA collateral service agreements for bilateral over-the-counter (OTC) derivatives
- Cleared OTC transactions
- Exchange-traded futures and options
- Master Securities Forward Transaction Agreements (MSFTAs) for mortgage-backed securities and TBA (To-Be-Announced) mortgage-backed instruments
CloudMargin has established a global collateral hub, enabling clients to connect to a wide range of additional critical providers of related services across the collateral lifecycle. In addition to utilizing the gateway to SWIFT, PPM is also using the hub's access to AcadiaSoft MarginSphere for margin call messaging, providing streamlined collateral payment processing.
Headquartered in London, CloudMargin created the world's first cloud-based collateral management workflow tool, which has earned more than 15 industry awards and honors since 2015 for innovation and best-in-class technology. The firm's Software-as-a-Service (SaaS) model is helping many of the leading financial institutions globally – including brokerage firms, banks, asset management firms, insurance companies and exchanges – meet time-critical regulatory deadlines and reduce costs associated with collateral requirements that are growing dramatically. CloudMargin bypasses many of the shortfalls of legacy, on-premise software, enabling clients to experience rapid implementation and access to robust and secure collateral management workflow software. For more information, visit www.cloudmargin.com.
About PPM America
Founded in 1990, PPM America (PPM) is a client-focused investment manager with more than $119.16 billion in assets as of Jan. 31, 2019, including $9.31 billion managed by PPM Finance Inc., an affiliate that manages commercial mortgage loans and certain real estate investments. As part of one of the world's leading financial organizations, PPM has the expertise, global reach and substantial resources to provide clients with investment solutions across markets, including public fixed income, public equity, private equity, and private debt. However, like a smaller shop, PPM remains nimble, investment-led and responsive to the opportunities that teams discover together. PPM's mission is to deliver specific client solutions and service to investors around the world with the goal of meeting investors' unique investment objectives. In addition, PPM employees are committed to building their community and supporting local nonprofits that strengthen families and increase economic opportunities.
PPM is an indirect subsidiary of Prudential plc ("UK Parent"), a company incorporated in England and Wales. The UK Parent and its affiliated companies constitute one of the world's leading financial services groups providing insurance and financial services through its subsidiaries and affiliates throughout the world. It has been in existence for more than 170 years and has $876.68 billion in assets under management (as of June 30, 2018). The UK Parent is not affiliated in any manner with Prudential Financial, Inc., a company whose principal place of business is in the United States of America. For more information, please visit www.ppmamerica.com.
PPM is not affiliated with CloudMargin.