New fintech startup Tikker said it is “on a mission” to build simple SaaS products that streamline the portfolio rebalancing process.
The firm said inefficiencies in the market infrastructure for discretionary portfolio management “stifle growth, invite risk and are a barrier to digital services.”
She says teams are overloaded with repetitive work, leading to high turnover and driving new talent away from the industry.
Tikker has partnered with trade association Pimfa, consultancy SolarNet and fintech Toca to try to solve the problem.
Founder Tom Whittle said: Money Marketing that people still have to manually enter all the updates on all the different platforms they trade with.
“In some cases, you have to update 40 models on 26 platforms,” Ha said. “Then you have to do four approval checks where you have to log back in and verify again.
“We’re talking about tens of thousands of lines of data entry.”
He said Tikker wants to solve this problem. Many platforms are hesitant to solve it themselves because it would require a significant investment.
“We use a technology called robotic process automation so they can enter the information once and then, through a rules-based control of the platform, they can update all the platforms at the same time and understand all the variations where they had to select a different share class.”
Sheen Gillett, Pimfa’s Director of Communications and PR, said: “It’s great to work with Tikker. We’re really looking forward to what comes next.”
“We’re very proud to work collaboratively with the entire industry,” she said. “That’s our model. And we’re always looking for the best partners and expertise to help us advance the industry’s goals.”
She said that as things evolve, the trade body will work with members to gather their feedback on the development of the solution.
Whittle said Tikker is launching a collaborative design phase with four design partners, which will be announced sequentially over the next four weeks.
He said the company planned to start operations in the third week of September.
“This means that the first version of the minimum viable product will be released for user acceptance testing in November,” Whittle said.
“We will then open a paid beta phase, for customers who really want to get involved from the beginning and who want to solve this problem.”
Last week, Tikker announced that 7IM would be one of its design partners.
Darren Fancourt, Head of Operational Change and Trading at 7IM, said: “We are delighted to partner with Tikker, which aligns with our group’s values as an innovative and market-leading asset manager.
“We have a long-standing commitment to automating the ever-growing MPS market to ensure operational efficiency and a scalable operating model while reducing risk, ultimately benefiting our end customers.”
Tikker is also working with Aspen Advisers, which became its first design partner last month.
Lewis Toland, an investment analyst at Aspen, said platform trading is a “key part” of the company’s business. “It takes time and surgical precision to ensure accuracy,” he added.
“As an investment analyst, the real value-add for us is spending time with clients and keeping an eye on the market. A solution that can reduce the manual nature of a process and free up more time for other things is a big win in my eyes.”
Mark Livingston, Chief Operating Officer, said: “Automating these processes will reduce risk, increase efficiency, boost staff morale and ultimately lead to better outcomes for customers.”
Managing Director Andrew Spence added: “The ability to automate cross-platform trading will be a game-changer for MPS and portfolio management in general, driving the next wave of innovation in the industry and a shift towards greater personalisation.”