About Eagle

Meet…Barbie Connell Spencer

Eagle’s newest Insurance Accounting Lead, Barbie Connell Spencer, brings a wealth of experience navigating legacy system conversions. She also loves a challenge—a characteristic cultivated during her service in the US Navy, professional career choices and her sense of adventure in pursuing outdoor activities. 

Tell us a little about your background and your journey that lead you to Eagle?
I definitely have a unique background! After my time in the US Navy, I spent time working in IT at Intel as well as several public accounting firms. At the same time, I continued to achieve my secondary education in accounting. These experiences in the early phase of my career were critical in preparing me to consult on the installation of accounting solutions. I eventually accepted a position at MassMutual, where I would then spend the next 18 years of my career. Although I initially started out as a programmer, I gained experience learning all aspects of the insurance accounting industry, and was hooked.

Investment accounting in the insurance vertical is quite different from traditional accounting. Industry-specific rules and regulations create quite a bit of nuance, so substantial experience and a deep understanding of how business users may seek to leverage software is critical to becoming a true subject matter expert.

My ability to gain experience across a range of functions while working for my last employer, MassMutual, proved to be tremendously advantageous in building my skillset. I eventually moved away from IT and transitioned into a role overseeing investment data for the company’s investment accounting system and its corporate ledger. When MassMutual made the decision to move to Eagle, I had the opportunity to learn the Eagle system and become an expert. I served as the data-conversion lead during the implementation, so I’m well-versed in the challenges insurance companies face when transitioning from a legacy system. I also gained an appreciation for the strategy required to navigate an implementation, and have a true passion for this kind of work. After I earned my Master’s Degree, I was excited to return to my consulting roots and begin this new phase of my career at Eagle.  Read More…

Industry thought leadership from Siliski and Bradford leads to a world first by Eagle Investment Systems

In the first quarter of 2018 the Advisory Board of The Journal of Performance Measurement® (JPM) announced that the recipients of the annual Peter O. Dietz Award were Daryl Bradford, CFA, CIPM of Acadian Asset Management and Daniel Siliski, CAIA of Boston Partners Global Investors. The advisory board panel selected “Performance Drawdowns in Asset Management: Extending Drawdown Analysis to Active Returns” as one among a select group of articles chosen to recognize excellence in performance measurement literature. In the paper, the authors explain, active drawdown, or benchmark relative drawdown, is a natural extension of the performance drawdown calculation. The article considers several possible methodologies for calculating active drawdown, proposes one methodology as the most adequate, and applies the methodology to the returns of indices and mutual funds to derive practical results. Investors can use active drawdown to analyze portfolio returns, evaluate investment strategies, and inform the manager selection process.

Mr. Bradford and Mr. Siliksi will present their winning article at PMAR West, on October 17th & 18th in San Diego, California. As a testament to continuous improvement and dedication to deploying industry leading ideas with great velocity, Eagle Performance now includes the algorithm outlined by these award winning authors and will be available for demonstration at Eagle’s booth at PMAR West.

The enhancement is slated for wider release at the beginning of November 2018, along with functional enhancements to the Eagle Performance solution. Read More…

Q&A: Building Momentum in EMEA

Dan Cavanaugh, Eagle’s new Head of EMEA, shares his thoughts on the region and Eagle’s continued focus on supporting the diverse client needs.


Q: Alongside your appointment as the Head of the EMEA region, it was also announced that Eagle was separating the management of its EMEA and APAC business lines. Can you discuss some of the catalysts behind this decision?

A: The decision to separate the EMEA and APAC business lines simply reflects the growth we’ve experienced in each of these regions. Particularly in EMEA, sales grew by more than 30% year over year in 2017. The number of new EMEA clients last year was also approximately two to three times higher than what is traditionally considered a strong year of new business growth. And we’ve had an increasing number of existing clients who are interested in extending their Eagle relationships by adding new services or capabilities.

There are several drivers, but we believe the momentum stems from a multipronged approach over the past few years to build awareness in the region and work more closely with local consultants. We’ve also found that growth tends to beget more growth. Client references, especially from some of the large, multinational firms that we work with, have gone a long way to build credibility among fund managers and asset owners who initially may be less familiar with Eagle.

Also, our alignment with our parent company has been invaluable. BNY Mellon has a tremendous presence and reputation globally, which has helped increase Eagle’s opportunities. Beyond collaborating in the ongoing development of our solution set, our relationship with BNY Mellon provides clients a continuum of deployment options as well as value-added functions through either managed services or a fully outsourced solution through BNY Mellon. This is a huge differentiator and has especially resonated in the EMEA region.

Q: It’s only been a short time since you assumed the role as Head of EMEA, but could you highlight some of the key differences between this market and other regions, such as APAC and North America?

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Meet…Sheila Kirby

Eagle’s newest Consulting Lead in Toronto, Sheila Kirby, has spent
her entire career implementing 
investment management and fund
acco
unting systems. Now, she is resolved to help clients who are
considering the tran
sition away from legacy systems.

Tell us a little about your background and what you’ll be focusing on in your role at Eagle?

I’ve spent the last twenty years working on system implementations across the globe. I started in Toronto in 1995. A year later, a two-week trip to the United Kingdom turned into six years working on implementations across Europe. While I was able to return to Canada, I don’t think there has been a week in my professional life where I haven’t been on the road. The experience has been incredible; it’s not just the work that goes into establishing these systems, but I was also able to gain a deep understanding of how clients are using the technology to become more efficient, effective, and solving challenges within their operations. During this time, I built an expertise across fund accounting, reconciliations, operational processing, and client and performance reporting. I’ve also seen firsthand the types of challenges companies face when they embark on a legacy system replacement. My experience working with some of these older systems should prove useful for Eagle clients who are beginning the conversion from legacy systems.

Your entire career has revolved around implementing software and systems for clients. Can you tell us how implementations have changed over the years?

Read More…

Sovereign Wealth Funds: Coping with Increased Complexity and Asset Growth

Eagle’s Amit Bharakda examines the reasons why SWFs are putting a greater emphasis on control and transparency when it comes to managing and measuring the performance of their investments.

Amit Bharakda, Regional Head of Business Development, EMEA


The investment landscape for the world’s sovereign wealth funds (SWFs) has changed dramatically in recent years, as assets under management (AUM) have continued to grow steadily. As assets have grown, many have looked to diversify into new asset classes and build their own investment capabilities in-house. At the same time, stakeholder demands have changed, with greater scrutiny on the performance of these funds by governments and civil servants.

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ENGAGE18: Data Governance as a First Step to Transformation

Paul McInnis recaps his ENGAGE18 panel discussion on data management as an agent of change

Paul McInnis, Eagle Business Manager


“If an employee took a sledgehammer to their desk, you wouldn’t sit around and watch, would you?” This was a question posed by one of the ENGAGE18 panelists participating in the panel, “How Data Can Help Transform the Business”. The answer, quite obviously, is that no company would ever treat an asset like that. The point—as the panelist articulated—is that this is effectively how organizations are treating their data when they don’t promote governance or controls that instill data quality.

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Why Forward-Thinking Companies are Focusing on Data and Agility

Technological innovation is having a transformational effect on the economy, with businesses in every sector realising the importance of quality data and being agile to respond quickly to changes. The disruptive power of technology on incumbent businesses and business models varies across industries, with consumer firms hit first and, so far, hit hardest. However, this fourth industrial revolution is still in its infancy and promises to deliver even more profound shifts in ways that can’t yet be seen in the coming years.

Marc Rubenfeld, Head of Sales for EMEA


Technological disruption was initially slow to impact the financial services industry, particularly when compared with the likes of the retail sector. It’s now clear, with much discussion around blockchainbig datamachine learning and artificial intelligence, that there are many opportunities to disrupt financial services.

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ENGAGE18: The Momentum Behind Eagle’s Alliance Program

Joel Kornblum, after speaking at the ENGAGE18 client conference, highlights how the strategic alliance program extends upon Eagle’s core offering

Joel KornblumGlobal Head of Strategic Alliances & Consultant Relations


As part of his keynote address at ENGAGE18, Eagle’s CEO, Mal Cullen, touched upon the many benefits of Eagle’s platform strategy. One of the biggest advantages for clients is that while Eagle’s focus remains true to its core offerings of data management, investment accounting and performance measurement, our open ecosystem allows us to offer best-in-class solutions that extend far beyond our core capabilities.

In line with the philosophy of collaboration inherent to our platform model, Eagle has put considerable effort into building out our strategic alliance program, which now counts over 20 firms whose solutions and technology are readily available to Eagle clients.

In many ways, the goal of the program is not unlike the Star Alliance that frequent travelers are quite familiar with. Just as the Star Alliance facilitates a smooth transition for travelers navigating across geographies, Eagle’s alliance program was conceived to simplify the integration of third-party technologies and create joint solutions.

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Investment Performance on the Move: Five Steps to Manage Migration Complexity

As the performance measurement function grows in complexity, organizations are migrating to new platforms that can provide the requisite agility. Eagle’s Ian Patient highlights the new demands facing performance teams, while identifying five key principles that can simplify a new system implementation.

Ian Patient, Principal Consultant


It’s generally understood that the investment landscape has become exponentially more complex. At the front lines absorbing the increased complexity is the performance measurement and attribution team, a function that itself has undergone significant change in recent years.

From an operational perspective, the performance function is facing multiple challenges. The financial instruments, themselves, have become more complex and as active managers fight both the low-rate environment and the rotation into passive products, demands for reports and dashboards with more details and analytical capabilities have increased considerably. Another threat is that the existing function, as it endures in most organizations, tends to be fragmented, with a model that leaves team members overstretched and internal and external stakeholders unfulfilled.

Making matters more difficult, performance teams are left trying to solve for these issues on legacy systems that either can’t accommodate the required functionality or don’t have the data foundation in place to deliver information as needed and across digital mediums. And without certain capabilities today – ranging from exception-based workflows to true “look-through” transparency – it can be impossible to adequately meet the needs of a modern investment organization.

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ENGAGE18: The Engagement Only Continues

With ENGAGE18 complete, Eagle’s Head of Americas and Chief Client Officer Diane McLoughlin shares the highlights from this year’s client conference

Diane McLoughlin, Head of Americas and Chief Client Officer


Many of our competitors define themselves as a “single solution.” This used to be a point of pride or at least a pithy marketing pitch. In practice, though, it has become clear today that no one single vendor is going to solve all of the challenges facing our industry.

According to research conducted by WatersTechnology and highlighted in the white paper, “The Age of Agile Solutions”, more than 40% of asset managers use ten or more systems, and the majority require at least seven systems to support their front-, middle- and back-offices. Given the pace of change and specialized capabilities required in today’s dynamic landscape, the thought of a closed, monolithic system probably conjures integration headaches.

In contrast to a single-vendor approach, ENGAGE18 represented a celebration of Eagle’s collaborative, client-driven approach. On full display was Eagle’s next-generation open platform as well as our expansive—and rapidly growing—ecosystem of vendor alliances. During our second day keynote presentation, we even announced a new collaboration with Microsoft to deliver a next-generation multi-tenant data management platform on the Azure public cloud. Our event attracted over 575 attendees, including nearly 400 client attendees, representing more than 100 unique organizations that traveled to Boca Raton from five different continents.

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