Meet…Daniel Joseph

Eagle’s Sales Director, Australia and New Zealand, discusses Eagle’s growing presence in the region and some of the key trends in the Australian market.

Q: You joined Eagle in October 2016—could you give us a bit of your background prior to joining and outline what you’ve been focusing on since you started?

A: I’ve worked in the financial services industry for the last 10 years in a number of organisations, including J.P. Morgan and ASX, the Australian Securities Exchange. I also worked for an investment manager before going into the technology solutions side of things at Omgeo immediately before joining Eagle. Having seen the financial services industry from a number of different angles has been invaluable to my role at Eagle. It’s helped me to empathise with our clients and understand the issues they’re contending with.

While the Sydney office opened in 2015, Eagle has had clients in Australia for well over 10 years. That in mind, my focus is on developing and leveraging our existing client relationships to help grow our presence. Part of our approach is to educate the market about Eagle, showing them that we are local in addition to the basics of who we are and what we do. The bigger picture though is to be highly consultative in nature and help buy-side firms think through all the different solutions—technology, managed services, and otherwise—that can help them compete and succeed in today’s marketplace.

For me, personally, my style is to engage, which complements our overall approach. I want to explore the challenges and issues facing the organizations that we talk to and then use the entire Eagle story to highlight where we can help solve those challenges. Also, being able to bring BNY Mellon and its four decades of business in Australia into the story extends our credibility, while also helping expand our solution set to meet more needs as our clients’ businesses evolve.

Q: Can you talk a bit more about how Eagle’s relationship with BNY Mellon both instils credibility and expands your solution set?

A: Absolutely. I’d say it works on two levels. First, having the backing of BNY Mellon helps establish trust by demonstrating that we have the support and resources required to invest in our solution set both today and into the future—and accordingly, we have a long-term approach to supporting their business needs. On a practical level, this was evidenced when we took one of our clients to BNY Mellon’s London and India Innovation Centres. They were amazed by not only the technology but also the collaborative, forward-thinking work that we’re doing in these spaces.

Second, and something that’s been key, is the breadth and flexibility of the solutions that we’re able to offer to meet client needs. For example, a client has the ability to operate Eagle’s technology themselves or we can offer Eagle’s functionality through BNY Mellon Middle Office Solutions as part of an outsourced offering. Rounding out the full spectrum of solutions, we can also offer a co-sourced middle ground with Eagle Managed Services. As far as I know, there are no other vendors in the market that can offer that level of flexibility. More broadly, it’s our ability to complement the entire library of investment services that BNY Mellon offers, which again is unique in the market.

Q: You spend a lot of time understanding the issues Australian asset managers are facing. What are some of the common issues and trends you’re seeing and where’s their technology letting them down?

A: There are quite a few things at play and no two circumstances are exactly the same, but we have seen a number of firms that are looking to take greater control over their in-house technology operations as they grow their AUM and diversify into new product types and asset classes. These firms are looking to take greater control over their data to improve efficiency and with it investment decision-making. Providing an excellent case study of these drivers, QIC, the investment fund for the Queensland government, recently went live with Eagle for data management and performance measurement.

Another trend we’re seeing is from larger superannuation funds, in particular, that are looking to insource their investment operations. Marc Rubenfeld has written on this subject in the past but I’d say this is gathering momentum, fuelled by a wave of consolidation. As firms approach a certain size, they start to transition from an asset manager to an investment manager. One of our clients undergoing this evolution, a superannuation fund, has built its alternative assets business and achieved greater efficiency supported by Eagle’s data management and performance measurement solutions.

One last thing that keeps coming up in conversation is environmental, social and governance (ESG). It’s very much on people’s minds; my colleague Manu, our Head of Client Service based here in Sydney, produced an article on this subject recently and it’s probably the topic that crops up more than any other in the conversations we’re having. One of our clients, a global investment manager, has been able to take a lead on ESG reporting as a direct result of our data management solution and the granular detail at a security level that it gives them.

Q: So what’s next for the Australia office?

A: We’re firmly focused on developing Eagle’s presence in order to deliver solutions that help Australian asset managers grow their business. In fact, we’re looking to bring in a number of new people in a client-service capacity to support our growing business here, and in APAC more generally. Collectively, these new hires will more than double the size of the office by the end of the year. We’re also going to continue to be very active when it comes to networking and engaging with organisations about how we can help their business. Just this year, we’ll be at SFBO 2017, the Investment Data and Technology Summit, and iPARM Australia so be sure to look us up if you’re attending!

Q: To wrap up, have you had any particularly memorable experiences so far in your first year at Eagle?

A: Yes, actually! Shortly after joining, I found myself going to a sales offsite meeting that was hosted by Eagle’s Wrocław, Poland office. Not only are my father and his side of the family Polish but Wrocław is actually really close to where they lived. That was my very first time in Poland and it was both an amazing and emotional experience to actually visit the place where my dad and grandparents grew up. I certainly didn’t see that one coming.

Leave a Reply