Reducing Costs and IT Development by Using an Open XML Data Format for Exchanging Fund Data Peter Raffelsberger IT Architect Pioneer Investments Austria Dr. Carsten Lüders Director BVI Bundesverband Investment und Asset Management e.V.

TSAM FundsXML | March 2014 | Page 2 Content of this presentation  Extended list of requirements  Situation before introduction of FundsXML  Situation after introduction of FundsXML  Usage of FundsXML in Austria  Usage of FundsXML in Germany  History and organisation of FundsXML

TSAM FundsXML | March 2014 | Page 3 Extended list of requirements We want to reduce shadow accounting I need a detailled break-down for external subfunds We have to meet new legal reporting requirements We need risk figures and detailled data of embedded derivatives We need transactions and subs/reds on a daily basis How to ensure data quality for duzens of external data sources ? Can we support complex fund-of-fund or master-feeder constructions ? Can we deliver fund data in a standardized format ?

TSAM FundsXML | March 2014 | Page 4 Situation before introduction of FundsXML  Hundreds of different interfaces in production  High costs for development and maintainance of interfaces  Time consuming data quality process  High error rate caused by different date and number formats  Difficult handling of optional fields  Problems with different interpretation of specific fields  No automated data format check possible

TSAM FundsXML | March 2014 | Page 5 Situation after introduction of FundsXML  Dramatic reduction of interfaces in production  Much lower costs for development and maintainance  Simple and efficient data quality process  No more errors caused by different date and number formats  Very easy handling of optional fields  Clear usage of fields as documented in xml schema  Automated data format check

TSAM FundsXML | March 2014 | Page 6 Usage of FundsXML in Austria  Data of all Austrian funds avaliable in FundsXML format (NAV data, holdings, transactions, subs/reds, security data)  Usage of FundsXML format for legal reporting to OeNB  Web Fund Data Portal of OeKB: - Single place for exchange of fund data - Advanced access control - Downloading and uploading of data can be fully automated

USAGE OF FUNDSXML IN GERMANY (I) Delivery of all asset and investment management information to BVI The managing directors of investment and asset management companies of BVI members, decided in 2008 to use the standard FundsXML for the data delivery to BVI. BVI collects data to produce different kinds of market statistics. The data delivery via FundsXML includes: ■ All kinds of static fund information (for example identifier, date of issuance and liquidation, fund classification, for institutional funds kind of investor) ■ Flow figures like gross and net sales as well as assets under management and assets under administration of more than 11,000 funds ■ Portfolio composition and other detailled information of real estate funds, which represent more than 10 per cent of the German retail investment fund market 7

USAGE OF FUNDSXML IN GERMANY (II) Delivery of all asset management and investment management information to BVI ■ Company data with regard to the different services provided (like assets managed and assets under custody) ■ TER and performance fees ■ Price and dividend information necessary for performance calculation ■ Data about pension provision programs The data collecting does include not only the information of companies issuing products in Germany, but also of foreign companies offering products to the German market. 8

USAGE OF FUNDSXML IN GERMANY (III) Distribution of Data Investment companies use FundsXML for the distributon data to - Data vendors - Distribution partners - Externally hosted websites via content interface The Data mainly consists of - Daily prices - Full holdings - Basic fund data - Reporting data 9

USAGE OF FUNDSXML IN GERMANY Plans ■ Data collection of AIFMD products, which are not part the existing data collection (like closed ended funds, private equity) ■ Supporting legal reporting requirements by enabling the standardized exchange of data between market participants (like portfolio structure of funds of funds) 10

From a national solution to a European standard ■ 2001: Leading German investment companies start the initiative: ■ Allianz Global Investment, COMINVEST (now Allianz Global Investment), CREDIT SUISSE ASSET MANAGEMENT, DEKA, DWS, UNION INVESTMENT Supported by: ■ Vontobel und K&W Software AG aus der Schweiz ■ The asset management company and data provider FERI TRUST ■ 2003: BVI, the German investment and asset management association, supports FundsXML as data delivery standard FUNDSXML HISTORY (I) 11

The next members ■ 2006VÖIG, the Austrian Investment Management Association, the Österreichische Kontrollbank (OeKB) and the Erste Sparinvest ■ 2007 Robeco ■ 2008 DIAMS (jetzt FundsXML France) The Danish Investment Association IFR (represented by the data provider FundConnect) ■ 2009 La Banque Postale Asset Management, Paris ■ 2010 AFG, the French investment management association FINESTI (now Fundsquare), Luxemburg ■ 2011 KNEIP, Luxemburg ■ 2012 AXA France Investment Managers FUNDSXML HISTORY (II) 12

EFAMA supports the use of FundsXML ■ May 2013EFAMA recommends the use of FundsXML as the standard for the delivery of Fund Processing Passport (FPP) information FUNDSXML HISTORY (III) 13

Protection of FundsXML ■ Since 2010 the name FundsXML is protected for 10 years by a copyright on EU-level ■ The copyright was applied by FundsXML France in the name of the FundsXML Standards Committee FUNDSXML AS A BRAND 14

■ The FundsXML Charta defines a minimum of structure and procedures ■ The FundsXML Standards Committee (FSC) is the highest decision-making body, especially responsible for essential changes of the FundsXML schema ■ FSC also decides about the appointment of working groups for special subjects to advance and promote FundsXML ■ FundsXML Working Group Content/Technique ■ Subworking Group Data Dictionary ■ FundsXML Working Group Promotion FUNDSXML ORGANISATION 15

The latest version can be used for: ■ Reporting obligations concerning Basel II ■ Shadow accounting ■ An extended data base for sales purposes ■ Reports to data providers like Thompson Reuters, Bloomberg, Morningstar, FundConnect, Fundsquare ■ Fund Processing Passport ■ Key Investor Information Document ■ The data delivery to the central banks in Germany and Austria ■ Data delivery for all BVI statistics ■ Reporting for the Austrian Web Fund Data Portal of OeKB FUNDSXML CURRENT SITUATION 16

BVI Bundesverband Investment und Asset Management e.V. BVI Berlin Unter den Linden Berlin BVI Brüssel Rue du Commerce 20 – Bruxelles BVI Frankfurt Bockenheimer Anlage Frankfurt am Main VIELEN DANK FÜR IHRE AUFMERKSAMKEIT Dr. Carsten Lüders Director Fon IT-Architect Fon Peter Raffelsberger