State Street has promoted Jeff Conway to head a new unit dedicated to solving clients’ data information and  trading challenges.

Meanwhile, mortgage servicing provider Acenden has hired Andrew Foreman as chief information officer and Baring Asset Management has appointed a new head of operations, Paul Loss.

The rising profile of staff who deal with information reflects the growing importance of data in modern financial services companies, both internally and for clients.

Conway says regulatory reform is pushing clients to demand real-time data and analytics to help them understand their businesses.

“In a survey we conducted last year with the Economist Intelligence Unit, the issue of data integration was at the forefront of clients’ operational challenges,” says Conway. “Nearly half (46 per cent) of asset owners rated their ability to achieve a comprehensive look-through of their portfolio across all security types and investment structures as less than good.”

State Street says its new unit, Global Exchange, will aim to solve these data integration problems and accelerate product development.

Meanwhile, Foreman, at Acenden, says technology has a “key role” to play in improving asset performance and customer service in the UK and Irish financial service asset markets.

Source : Funds Europe 15/04/2013