Pimco has appointed Markit and Kyc.com to carry out its due diligence and onboarding requirements.
With $1.5 trillion assets under management, Pimco is the largest asset manager to sign up for Kyc.com and Markit’s regulatory service.
It aims to provide buy- and sell-side firms with “an integrated solution for onboarding, KYC, AML, tax and legal and credit agreements.”
“It serves as a centralised repository to exchange counterparty documentation and validated entity data,” Markit said.
Pimco will be able to use the data “across all of its onboarding functions” and “communicate with its counterparties.”
Executive vice president and senior counsel for trading and markets at Pimco Tracey Jordal, said: “The seamless interoperability between these platforms to support client onboarding, master agreement negotiation and tax validation as a unified group of steps is particularly beneficial.”
Research director at Aite Group Virginie O’Shea, added this centralised effort is beneficial to buy-side firms like Pimco.
She said: “Large global buy-side firms like Pimco are realising the benefits of having a global view of their customers as they share documentation and data across multiple booking jurisdictions and bank counterparties.
“Centralising these efforts will enable buy-side firms to manage beneficial ownership and build legal hierarchy across their accounts to reduce costs and manual efforts.”