Firm Profile: Asset Management Firm
Foundry Partners is a boutique asset management firm based in Minneapolis, Minnesota. Foundry Partners manages approximately $1B in assets from their institutional investor clients (as of March 31, 2016) and subscribes to eVestment Omni Source to assist in their third-party and consultant database population efforts.
The Database Deadline Crunch
“Our challenge was, unlike a lot of other boutique firms around the same asset level who may have one to three strategies, we have eight and this can create a logjam with the associated deliverables,” said Jason Thon, Marketing & Products Manager for Foundry Partners.
“As the primary internal marketing person on staff it can be especially taxing around quarter-end, when I’m also updating our commentaries, fact sheets, presentations and working through quarterly or annual due diligence pieces directly from consulting firms or our clients. It was just becoming harder for me to meet the deadlines associated with eight strategies and all the various databases.”
Thon said Foundry Partners’ compliance department conducts mock exams through an independent third-party, during which the question was raised if Foundry Partners used any sort of database update service to help ensure consistency across databases.
“I had actually already begun doing my own research on possible database solutions, but that certainly helped push the decision to move forward over the edge. At that point, I started further researching a solution to help solve this issue.”
Thon said Foundry Partners decided to choose Omni Source in lieu of other database update service providers because the firm had already been reporting to eVestment’s database and was familiar with the company.
“We knew they were a big name in the industry. When I researched how the Omni Source service worked, there appeared to be greater flexibility in how we reported the data compared to other services. The combination of these factors resulted in our firm feeling more comfortable going with eVestment over the others.”
Helpful Client Service
Thon said the initial set-up for Omni Source went smoothly. “It was hands-on training and presented well. Additionally, whenever I have a question, I get a fairly quick response back. It’s been helpful to have a place to call to get answers and items taken care of in an efficient manner. Any issue I’ve encountered, we’ve been able to get resolved.”
Substantial Time Savings
“The biggest benefit has been the time savings and making sure we get everything updated at quarter-end,” Thon said. “Previously, I would occasionally run into the next month before everything was updated.”
Thon said an additional benefit since implementing Omni Source has been how they report and organize internal data.
“Our processes have been impacted because of the way we report data, which makes things easier when it comes to trying to find information for RFPs. Now I have more data in front of me and I can do sorts and summaries from it, which has been helpful.”
“From a time-savings standpoint, using Omni Source for database updates been great. Omni has allowed us to get our information out faster, more efficiently and in less time. That’s exactly what we were looking for, and Omni is serving its purpose, for sure.”
Marketing & Products Manager