Confluence Unveils AI Strategy to Deliver Real Impact for the Investment Management Industry

Confluence Unveils AI Strategy to Deliver Real Impact for the Investment Management Industry

Meet ‘Rex’: Confluence’s Large Language Model-Based Solution Reconciles Data from Investor Reports in Seconds

Pittsburgh, PA, June 29, 2023 – Confluence Technologies, Inc. (“Confluence”), a global technology solutions provider to the investment management industry, today announced the first development out of its innovation lab that leverages AI technology to solve complex industry problems.

As the first application, the Confluence innovation lab applies Large Language Models (LLM) to solve reconciliation challenges from the SEC’s Tailored Shareholder Reports (TSR). The new tool, Confluence Unity Rex, mines and pinpoints discrepancies in language and numeric information between financial reports and the TSR, delivering significant efficiency and cost savings in the reconciliation process.

Chris Evans, Chief Technology Officer at Confluence, commented:

“Confluence has a long history of solving complex challenges for the investment management industry. Our innovation lab was established to explore use cases for AI and other innovative technologies that deliver real value for our clients. We have several applications in development, including natural language query access to complex datasets, automated data quality assurance and intelligent task automation, and we’ll introduce them to the market in the near future.”

About Confluence Unity Rex

Available for production use in early Fall, Rex automatically parses data from third-party financial reports, interrogates it, and reconciles it against the Tailored Shareholder Reports produced by Confluence.

Todd Moyer, President and Chief Operating Officer at Confluence, commented:

‘This is a breakthrough for fund admins and asset managers who need an answer to increasing compliance complexity and the data reconciliation challenges posed by the TSR. With Rex, we give our clients the ability to use innovative AI technology to lower costs, reduce complexity, and rapidly speed up shareholder report reconciliation. We’ve already shown Rex to many Unity clients and received highly positive feedback.”

With the TSR rule, manual reconciliation is nearly impossible, as firms must do this within a 60-day window. Confluence estimates a typical manager with thousands of share classes and hundreds of data points per class would take a person hundreds of business days to reconcile the reports each time. With Rex, the LLM-enabled reconciliation only takes minutes or even seconds. Confluence Unity Rex also has an interrogatable model which enables clients to ask questions about it to validate and source information.

As the product soon becomes available, clients and prospects can simulate their report reconciliations in a live sandbox environment. To learn more, please contact us.


About Confluence

Confluence is a leading global technology solutions provider committed to helping the investment management industry solve complex data challenges across the front, middle and back offices. From data-driven portfolio analytics to compliance and regulatory solutions, including investment insights and research, Confluence invests in the latest technology to meet the evolving needs of asset managers, asset owners, asset servicers, and asset allocators to provide best-of-breed solutions that deliver maximum scalability, speed and flexibility, while reducing risk and increasing efficiency. Headquartered in Pittsburgh, PA, with 750+ employees in 15 offices across the United Kingdom, Europe, North America, South Africa, and Australia, Confluence services over 1000 clients in more than 40 countries. For more information, visit www.confluence.com.

Confluence Media Contact:

Vanja Lakic
Cognito
confluence@cognitomedia.com
+1 (917) 660-8527