Post Summary
Convergence announced the addition of three new datasets to its library of original content: one on funds domiciled in the European Union and United Kingdom, one supporting auditor independence testing, and one on the SPAC market.
It covers 175,000 funds domiciled in the European Union and United Kingdom, fully curated, integrated, and combined with Convergence's existing data on over 110,000 active US private and public funds.
Existing Fund Administrators, Auditors, Prime Brokers, and Custodians seeking to grow in the EU and UK. The release also says it gives EU and UK ManCos and Depositories access to US advisers seeking to expand in the region.
It supports the revised Auditor Independence testing rules the release says the SEC recently released in Rule 2-01, mapping 600,000+ entities and 700,000 senior executives to investment advisers.
The SPAC market, also called "blank check companies," which the release says has grown in popularity as a way for companies to raise capital in the public markets. The release states no coverage figures for this dataset.
NORWALK, Conn. (PRWEB) April 07, 2021 -- The first dataset covers 175,000 funds domiciled in the European Union and United Kingdom. This new data is fully curated, integrated and combined with the existing fund data we have on over 110,000 active US private and public funds, creating the most comprehensive view of funds, their advisers and service providers in the industry. This enhanced dataset will be of great use to existing Fund Administrators, Auditors, Prime Brokers and Custodians seeking to grow in the EU and UK and provide EU and UK Manco's and Depositories access to US advisers seeking to expand in the region. "We listened to the needs of our clients and will offer clients the opportunity to consolidate their EU and UK data and analytical needs with us using a common and integrated methodology", said George Evans Convergence Co-Founder.
The second dataset supports the revised Auditor Independence testing rules recently released by the SEC in Rule 2-01 that requires auditors to identify and monitor their clients for potential independence-impairing relationships and services linked to affiliated entities, including sister entities, regardless of whether the sister entities are material to the controlling entity. The Convergence offering maps 600,000+ entities and 700,000 senior executives to investment advisers. "The dataset identifies the type of affiliated entity, the geography in which it operates and a description of the affiliates business. Our ability to identify, monitor and report changes to these affiliated entities will simplify and reduce the costs associated for the Audit community", noted John Phinney, CEO Convergence.
The third dataset covers the fast-growing SPAC market. The SPAC market, also called "blank check companies", has grown in popularity as a way for companies to raise capital in the public markets. "SPAC data is another example of Convergence identifying, sourcing, structuring and analyzing new and relevant data to our clients", said George Gainer, Managing Director and Head of Client Management.
The three new datasets at a glance
About Convergence
Founded in 2013, Convergence provides a "data as a service" platform comprising (1) data aggregation, (2) data curation and enrichment, (3) research and analytical products, (4) dynamic change monitoring services, and (5) advisory services into the entire ecosystem of entities operating in the traditional and alternative asset management industry. The firm's leadership team brings 120+ years of hands-on experience supporting the growth of the world's leading asset management organizations. The depth and breadth of this industry expertise differentiates Convergence from others in the industry who provide data and tools and no actionable context.
For more information visit: http://www.convergenceinc.com or Schedule a Demo.
Key Points
What did Convergence announce, and how does the release frame it?
- Three new datasets. The release announces the addition of three datasets to Convergence's growing library of original content, issued through PRWeb on April 7, 2021 with a Norwalk, Conn. dateline.
- Stated purpose. The headline says the datasets are released "to support our client base."
- One executive quoted per dataset. George Evans (Co-Founder) is quoted on the EU and UK dataset, John Phinney (CEO) on the auditor independence dataset, and George Gainer (Managing Director and Head of Client Management) on the SPAC dataset.
- Common framing. Gainer describes the SPAC data as another example of Convergence identifying, sourcing, structuring, and analyzing new and relevant data for clients.
- Audiences differ by dataset. The release names fund administrators, auditors, prime brokers, custodians, ManCos, and depositories for the first dataset and the audit community for the second. It names no audience for the third.
What does the EU and UK fund dataset cover, and who is it for?
- Coverage. 175,000 funds domiciled in the European Union and United Kingdom.
- Integration with US data. The release says the new data is fully curated, integrated, and combined with existing data on over 110,000 active US private and public funds.
- Convergence's stated claim. The combination creates the most comprehensive view of funds, their advisers, and service providers in the industry.
- Intended users. Existing Fund Administrators, Auditors, Prime Brokers, and Custodians seeking to grow in the EU and UK.
- Reverse access. The release says the dataset also gives EU and UK ManCos and Depositories access to US advisers seeking to expand in the region.
- Client consolidation. Evans says clients will be able to consolidate their EU and UK data and analytical needs with Convergence using a common and integrated methodology.
What does the auditor independence dataset do?
- Rule it supports. The release says it supports the revised Auditor Independence testing rules the SEC recently released in Rule 2-01.
- Requirement as the release describes it. Auditors must identify and monitor clients for potential independence-impairing relationships and services linked to affiliated entities, including sister entities, regardless of whether the sister entities are material to the controlling entity.
- Scale. The offering maps 600,000+ entities and 700,000 senior executives to investment advisers.
- Data elements. Per Phinney, the dataset identifies the type of affiliated entity, the geography in which it operates, and a description of the affiliate's business.
- Monitoring. Phinney says Convergence can identify, monitor, and report changes to these affiliated entities.
- Stated benefit. Phinney says this will simplify and reduce the costs for the audit community.
What does the SPAC dataset cover?
- Market covered. The release calls the SPAC market fast-growing.
- Definition. It notes SPACs are also called "blank check companies."
- Stated rationale. The release says SPACs have grown in popularity as a way for companies to raise capital in the public markets.
- No coverage figures. The release gives no entity or deal counts for this dataset.
- Gainer's framing. He positions it as another example of Convergence identifying, sourcing, structuring, and analyzing new and relevant data for clients.
- Audience not stated. The release does not name who the SPAC dataset is intended for.
How does the release describe Convergence and its platform?
- Founded in 2013. The release gives this as the founding year.
- Business model. Convergence provides a "data as a service" platform.
- Five components. These are data aggregation, data curation and enrichment, research and analytical products, dynamic change monitoring services, and advisory services.
- Scope. The platform serves the entire ecosystem of entities operating in the traditional and alternative asset management industry.
- Leadership experience. The release says the leadership team brings 120+ years of hands-on experience supporting the growth of the world's leading asset management organizations.
- Stated differentiator. It says others in the industry provide data and tools but no actionable context.