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Hawksmoor strikes deal to get portfolios fit for consumer duty

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by BITA Risk
| 08/06/2023 15:00:00

The investment management firm believes Bita Risk’s enhanced portfolio monitoring service will help ‘scale and manage’ its business.

Hawksmoor Investment Management has signed up for Bita Risk’s enhanced portfolio monitoring service in preparation for Consumer Duty. 

Sarah Soar, CEO of Hawksmoor said the Bita Wealth service – offered by financial software firm Corfinancial – would provide Hawksmoor with ‘enterprise, oversight, and control’, allowing the investment team to manage the risks of portfolio drift. 

‘[Bita Wealth] will provide analysis, data, and management intelligence required by the FCA,’ Soar added. 

‘The software will empower our advisers with portfolio analytics [and] will help us scale and manage our business as we continue with our acquisition strategy.’ 

Hawksmoor became a part of Hurst Group in 2021 and manages about £7 billion in assets. 

The firm’s preparation for consumer duty comes amid serious concerns shared by members of the Personal Investment Management and Financial Advice Association (Pimfa) that the FCA’s other proposals to improve asset management regulation would threaten managed portfolio services.

Pimfa members shared their fears that the regulation would ignore the significant difference between portfolio managers and discretionary fund managers.

Daryl Roxburgh, president and global head at Corfinancial’s Bita Risk said the software would help Hawksmoor deliver a ‘consistent approach to oversight’ across investment managers and ‘solidify their risk management processes’.

Read the original article here.