NZ wealth manager JBWere taps Duco for cash and asset reconciliations
New Zealand wealth manager JBWere NZ has tapped data automation firm Duco to automate its cash and asset reconciliations.
JBWere taps Duco for data automation platform
JBWere NZ will use Duco to reconcile cash and securities held with their sub-custodians, share registries and banks.
In the past, the wealth manager used spreadsheets divided by registry, sub-custodian and market. These legacy processes were time-consuming, drawing labour and resources to reconcile transactions across multiple financial counterparties every day, it says.
Duco’s “sophisticated, scalable, auditable and easy to use” no-code data platform will centralise and strengthen the firm’s asset control framework, providing operations users with the tools to aggregate and automate data controls.
JBWere chief operating officer John McDermott says Duco’s platform “allows us to automate our daily asset and bank reconciliations to quickly and effectively identify and categorise reconciliation breaks”.
Duco head of Asia Pacific Keith Man says the addition of JBWere as a client reflects the firm’s substantial investment in the region.
JBWere, which is owned by National Australia Bank Limited (NAB), offers customised wealth solutions to high net worth individuals and families, entrepreneurs, business partners, institutional investors, local governments and charities.
