London-based data services provider Markit has launched a global portfolio valuation service, which will provide post-trade calculations of gross asset values of securities, alongside vanilla and exotic over-the-counter derivatives.Tim Barker, head of valuations at Markit, said demand for the product is partly being driven by increased regulatory scrutiny. Earlier this month, for example, Dan Waters, director of retail policy at the UK Financial Services Authority (FSA), said the regulator was investigating the valuation practices of hedge funds.
Prior to the global launch, Markit had offered the valuation service to 20 of its clients, beginning last year. “We were looking for independent valuations of our funds and a quick time to market was essential,” said Stephanie Whitford, head of derivatives operations at Schroders, a London-based asset management firm that uses the new service.
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