UBS, Credit Suisse, Julius Baer along with fundinfo has introduced a new fund data dissemination standard ‘openfunds’ version 1.0.
openfunds is a non-profit international consortium of financial institutions partnering on a common industry standard for the interchange and dissemination of fund data.
fundinfo said that the openfunds standard will benefit all stakeholders because fund data is transmitted more efficiently, quickly and accurately.
UBS Asset Management executive director at Fondcenter Sascha Lingling said: "The openfunds standard gives fund houses and distributors simple and standardised access to fund information. For banks, openfunds increases the quality of fund data while improving automation and accessibility.
"Distribution partners and their clients ultimately benefit from increased transparency and reliability as they can much easier evaluate and compare investment funds."
Credit Suisse – Fund Lab manager in investment solutions and products Fabio Perez Cina said: "This unprecedented collaboration has resulted in a standard that will foster significant growth in the fund industry. openfunds is an idea whose time has come, and we look forward to promoting it as the de facto global standard for fund data interchange."
fundinfo CIO and openfunds committee member Michael Partin said: "Efficient fund data transmission is not possible without a widely accepted standard, similar to how the World Wide Web depends on HTML.
"We are pleased to offer openfunds to all interested parties free of charge to help make the fund industry run more efficiently and transparently."