Global Institutional trading and portfolio management systems provider TORA has today announced that it has been awarded “Qualified Outsourcing Provider” status from the Tokyo Metropolitan Government (TMG) as part of their wider initiative to support the growth of asset management companies located in the Japanese capital.
Following the 2017 release of its “Global Financial City: Tokyo Vision,” the TMG established a subsidy system to partially cover the outsourcing costs relating to middle and back office operations incurred by asset management businesses. To be eligible for this program, businesses receiving a subsidy, as well as their outsourcing provider, had to apply to the TMG to be recognized as a “Qualified Emerging Asset Manager” or a “Qualified Outsourcing Provider”. TORA has been named one of only eight “Qualified Outsourcing Providers” that are able to provide middle and back office technology to asset management businesses (both Japanese and global) with operations in Japan.
TORA were awarded this status for their leading Portfolio Management System (PMS). TORA’s PMS system manages a fund’s software, hardware, data feeds and integrates it all into one system that enables the portfolio manager to make real-time, efficient and detailed trading decisions. The PMS system can be fully integrated with TORA OMS, EMS, Analytics, Ticketing and Risk.
“Any early stage managers in Japan are heavily burdened by the costs associated with managing middle and back office operations. This programme by the Tokyo Metropolitan Government to subsidize some of the costs of entry for new managers in Japan is a very welcome initiative. We are delighted to be recognised as a key provider, and, to participate in a strategy that encourages the continued growth of the Japanese asset management industry,” said Robert Dykes, CEO of TORA.
He added: “TORA is very proud to have been named as a ‘Qualified Outsourcing Provider’ after participating in a competitive application and interview process. We are looking forward to supporting our asset manager partners in Japan as they work to provide value to investors both in Japan and globally.”