Performance Book of Record

PBOR: Aligning the Middle Office to Meet Escalating Front-Office Demands

Rich Mailhos, Product Manager, Performance Measurement


Rich Mailhos recaps a recent webcast featuring Eagle clients TIAA-CREF and Fort Washington Investment Advisors on the far-reaching value of PBOR

Those with graying hair may still remember the old days of performance reporting and the nascent technology that supported these efforts, marked by dedicated offices housing DEC VAX machines and rows of computers running Fortran code. A holdover of this era is the continued reliance on monthly custodial data and spreadsheets, even as data volumes grow and the various forms of data multiply. Those in the middle office tasked with performance measurement are all too familiar with the problems posed in trying to manage siloed data through Excel and in a way that meets the escalating demands of the front office. As these challenges reach critical mass, asset managers are increasingly turning to a Performance Book of Record (PBOR), a term Eagle introduced to the market in early 2015.

Such was the subject of the webcast I recently participated in that was hosted by WatersTechnology. Also participating in the discussion were Eagle clients, TIAA-CREF’s Senior Director of Performance and Reporting, Nancy Carola, and Fort Washington Investment Advisors’ Manager of Performance and Reconciliation, Tom Anderson. WatersTechnology Editor in Chief, Victor Anderson, served as moderator. Read More…

PBOR – One Year On

A year after the concept of the Performance Book of Record was introduced, Rich Mailhos takes a look at its role in the global asset management industry now and in the future

Rich Mailhos, Product Manager, Eagle Performance


The Emergence of PBOR
It is nearly a year since the concept of a Performance Book of Record (PBOR) emerged from a research study we conducted in conjunction with WatersTechnology. The study highlighted the shortcomings among investment management companies when it comes to generating accurate and transparent performance and risk analysis across the enterprise and the need for a specialized solution to address these challenges.

Only 21% of the companies surveyed were very satisfied with their ability to access timely, accurate and relevant performance data with the overwhelming majority (72%) having to use multiple systems to aggregate their investment and performance data for management and client reporting.

The study started an important industry dialogue about the growing need for enterprise-level performance and risk reporting which has continued and intensified over the course of the year. It also appears to have, by reference, helped crystalize the industry’s thinking about the Investment Book of Record (IBOR), when it is appropriate and what its limitations are. Rather than a panacea, IBOR is one part of a solution to a more fundamental set of challenges facing the industry.

Read More…

Spotlight on Engage – Enter PBOR

Rich Mailhos, Product Manager, Eagle Investment Systems


Investment firms should be well versed in the value afforded through a data-centric investment book of record. An IBOR, most well know, centralizes and automates a firm’s investment data to allow for one consolidated view into both start-of-day and intra-day investment positions. It differs from an ABOR, or accounting book of record, in that it’s less focused on the historical data needed for end-of-day bookkeeping and designed for real-time needs, such as collateral and cash management, exposure reporting and compliance. Where an IBOR can sometimes fall short, however, is when the front office tries to stretch its functionality to provide performance and attribution data or perform comprehensive risk analysis.

Read More…

Performance Book of Record (PBOR): A new approach to measuring performance, exposure and risk

Rich Mailhos, Product Manager, Eagle Investment Systems


pbor_coverMost investment managers have a range of spreadsheets or desktop applications that may ‘tactically’ calculate performance and carry out risk analysis for specific asset classes. While there will always be a place for these discrete quantitative tools, increasingly firms are looking for an enhanced, comprehensive view of performance that accurately captures the investment activity across the entire enterprise. This trend, which is being driven by growing internal needs of global asset managers, more exhaustive regulatory requirements, new client demands and the ongoing drive for a competitive advantage, will only pick up more steam in 2015 and beyond.

To help clients address these demands, we released a new white paper that outlines how a data-centric approach can enable firms to achieve a ‘true’ total view of performance results and exposures, as well as other enriched information, across all business lines and asset classes to effectively create a Performance Book of Record or PBOR.

Read More…

 Scroll to top