kyc.com and Markit provide PIMCO with complete regulatory and compliance solution

kyc.com, the joint venture between Markit (Nasdaq:MRKT) and Genpact (NYSE:G), today announced that PIMCO has selected kyc.com, and Markit, a leading global provider of financial information services, to complement its due diligence and onboarding requirements. PIMCO, the $1.5 trillion AuM firm, is one of the largest asset managers to expand its use of kyc.com and Markit’s regulatory and compliance ecosystem.

Kyc.com and Markit’s regulatory and compliance ecosystem provides buyside firms, sellside firms and corporates 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.

PIMCO benefits from the ability to reuse this quality data and documentation across all of its onboarding functions and communicate with its counterparties. The firm also has full transparency across workflows and information in a single, centralised location.

“PIMCO looks forward to working closely with Markit in using Counterparty Manager, Tax Utility, kyc.com and the entire regulatory and compliance ecosystem,” said Tracey Jordal, executive vice president and senior counsel for Trading and Markets at PIMCO. “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.”

“There are compelling business drivers for moving to an industry utility to support standardisation for onboarding, KYC, tax and due diligence,” said Virginie O’Shea, research director at Aite Group. “Large global buyside 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 buyside firms to manage beneficial ownership and build legal hierarchy across their accounts to reduce costs and manual efforts.”

“This is a fantastic win for kyc.com and Markit’s Solutions division,” said Darren Thomas, managing director, head of Counterparty Manager at Markit. “We are committed to delivering the best products and services which includes our integrated ecosystem for tax, KYC, AML and legal and credit agreements. PIMCO is forward thinking in its adoption of new technology to efficiently address regulatory change. Our strong partnership has enabled us to evolve our solutions with an extensive network of connected brokers, custodians, and fund administrators.”

Notes to Editors

About kyc.om

Markit and Genpact have proven track records in helping customers in the field of KYC data management. Together the firms offer a robust set of compliance, tax, data validation and reference data services that are relied upon by over 1,500 buyside firms, 7,000 corporations and 80 banks. For more information, please see www.kyc.com.

About Markit

Markit is a leading global provider of financial information services. We provide products that enhance transparency, reduce risk and improve operational efficiency. Our customers include banks, hedge funds, asset managers, central banks, regulators, auditors, fund administrators and insurance companies. Founded in 2003, we employ over 4,000 people in 12 countries. Markit shares are listed on Nasdaq under the symbol MRKT. For more information, please see www.markit.com.

About Genpact

Genpact (NYSE: G) stands for “generating business impact.” We architect the Lean DigitalSM enterprise through a unique approach based on our patented Smart Enterprise Processes (SEPSM) framework that reimagines our clients’ middle and back offices to generate growth, cost efficiency, and business agility. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 70,000 people in 25 countries, with key management and a corporate office in New York City. We believe we are able to generate impact quickly and power Intelligent OperationsSM for our clients because of our business domain expertise and experience running complex operations, driving our unbiased focus on what works and making technology-enabled transformation sustainable. Behind our passion for technology, process, and operational excellence is the heritage of a former General Electric division that has served GE businesses since 1998. For additional information, visit www.genpact.com. Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube.

About PIMCO

PIMCO is a leading global investment management firm, with offices in 12 countries throughout North America, Europe and Asia. Founded in 1971, PIMCO offers a wide range of innovative solutions to help millions of investors worldwide meet their needs. Our goal is to provide attractive returns while maintaining a strong culture of risk management and long-term discipline. PIMCO is owned by Allianz S.E., a leading global diversified financial services provider.

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