Lombard Odier Funds (Europe) S.A., the Luxembourg based management company of Lombard Odier Investment Managers (“LOIM”)announced last week that it had selected Confluence for its automated budgeting application for asset managers.
According to a company statement, the partnership lets LOIM use Confluence’s Unity NXT Budgeting and Unity NXT Invoice Payments expense management solutions in the management of its Luxembourg UCITS and AIF fund expenses.
“We view automation as key to gaining greater transparency, efficiency and control over expense management processes,” Lombard Odier Funds Managing Director Mark Edmonds said. “The Unity NXT Budgeting solution allows us to manage expenses efficiently across multiple currencies and multiple share classes.”
Unity NXT Budgeting automatically collects net assets, foreign exchange rates and bulk invoice payment activity using a secure environment and allocates payment activity, Confluence explained.
Confluence Managing Director of EMEA Business Development Hugh Byrne said that through Confluence software asset managers can now automate expense budgeting and experience a fixed operation charge ratio without struggling with spreadsheet-based expense management.
"We are very pleased to be providing LOIM with solutions to help them improve control and efficiency of monitoring budgets and forecasted budgets and creating, reviewing and approving invoices, whilst simultaneously reducing risk and cost,” Byrne said.