Recognos Financial unveiled the latest iteration of its Reference Data Center (RDC) for its Mutual Funds offering.
This latest rollout includes two new features. First, if there's a change made by a mutual fund that's filed in a Securities and Exchange Commission (SEC) document that might be important, an alert is sent to the user. Such changes include modifications to a fund's prospectus, like a statement of additional information (SAI). Each night, the system captures this information for any open-end mutual fund companies. Users can create customized alerts.
The other major upgrade "will allow fund groups or intermediaries to review and compare their data against industry data or versus select competitors down to a particular share class or CUSIP level," according to the company.
The RDC is an industry utility that serves as a central repository for documents relating to all US-based open-ended mutual funds. It uses a combination of machine learning, natural language processing and semantic technologies to create actionable information out of unstructured data.
"By employing our advanced machine learning and natural language processing techniques to extracting data from SEC filings, Recognos Financial is unlocking additional analytical value for investors, asset managers and mutual fund providers on a timely basis," said Drew Warren, president and CEO, in a statement.
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