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Private Wealth Systems’ cloud-based platform provides multi-asset, multi-currency, multi-custodial portfolio accounting, portfolio management, and consolidated investment reporting to family offices, UHNWIs, private banks, and institutional asset managers. “Our platform supports two to three times the number of transaction codes of other systems, allowing us to capture, correct, calculate, and present more data, faster, more accurately, at a lower total cost – delivering on the industry promise of operational scale across the most complex portfolios,” says Craig Pearson, Co-founder, CFO, and CEO of Private Wealth Systems. However, unlike the vast majority of financial platforms that simply pass through data directly from custodial bank feeds, Private Wealth Systems understands data accuracy is of equal importance to data comprehensiveness, and provides daily multi-tiered reconciliation to capture and correct data errors from custodial banks before the data gets to the clients. Pearson adds, “Most people are surprised when they learn the level of errors found in daily custodial feeds. Recently, one custodian incorrectly adjusted the cost on a client position by $22 million, another custodian misapplied the currency exchange rate on a large trade for one of their largest clients, and several custodians can only support position level information on complex securities. Our technology and processes are designed to capture and correct the data, fast and at-scale, so our clients can trust the data and have confidence in their decision making without the burden of large operations teams and latency in delayed decision making.”
When we inquired about future product development we learned the company is focusing on adding full general ledger accounting, trade order management, establishing a physical presence in Switzerland, and integrating enhanced cognitive computing. Pearson provides clarity by stating, “It’s always been about the data—what is the data telling you and what action do you want to take. Data must be tax level accurate, comprehensive enough to cover all aspects, and timely enough to be actionable. The first evolution of our platform was focused on capturing as much relevant data as possible from fragmented silos of information across global banks and ensuring data accuracy with hyper-efficient scale. The second evolution is around personalized analytics and understanding what the data is telling each stakeholder in terms of risk, return, income, and expense. Keep in mind we support very complex esoteric instruments, so instead of hiring a team of analysts that will take days or weeks to analyze data, our system will be able to provide actional intelligence in real time regardless of financial instrument or global jurisdiction. The third evolution will allow users to take action based on the information and analysis they have.”
Our singular purpose is solving the structural issues of financial intelligence that continue to challenge the $32 trillion ultra-high net worth industry
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Company
Private Wealth Systems
Headquarters
.
Management
Craig Pearson, CFA & CEO
Description
Delivering financial intelligence for complex global portfolios by capturing, correcting, calculating, and presenting more data, faster, more accurately at a lower total cost