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Safeco Mutual Funds Signs on to Implement FT Interactive Data's Fair Value Evaluation Service
19 August 2002 - Bedford, MA
FT Interactive Data, the major operating division of Interactive Data Corporation (Nasdaq: IDCO), and a leading supplier of financial information to global markets, today announced it has signed an agreement with Safeco Mutual Funds of Redmond, Washington to supply the mutual fund company with its new Fair Value Evaluation Service.
FT Interactive Data's groundbreaking service offers mutual fund companies both a convenient and flexible way to meet the fair value guidance of the Securities and Exchange Commission (SEC) while also safeguarding shareholder interests. As the first service of its kind to be offered to the financial services industry, FT Interactive Data's Fair Value Evaluation Service reflects more than two years of research and development combined with 30 years of leadership providing mission-critical data to financial institutions worldwide.
"FT Interactive Data's Fair Value Service gives us the ability to fair value equities in all Pacific and European time zones during times of significant market volatility," says Dave Longhurst, vice president and controller of Safeco Mutual Funds, "As a result, we are preserving the integrity of our mutual funds, and protecting the long-term investor from the harmful impact of market timers."
In addition to Safeco Mutual Funds, seven mutual fund Boards of Directors have approved deployment of the Service and more than 24 mutual fund companies are currently testing the Service. "The industry is looking for a timely and effective way to fair value their international portfolios," says Peter Ciampi, a principal architect of FT Interactive Data's Fair Value Evaluation Service. "Our Service provides the industry with a highly reliable and adaptable solution that deters market timers and also meets the suggested guidelines of the Securities and Exchange Commission for the fair valuation of mutual funds."
How the Service Works
FT Interactive Data's Service combines its fair value methodology with extensive historical data and a strong support infrastructure to provide mutual fund families and administrators with the tools necessary to address volatile markets.
The Fair Value Evaluation Service creates a price adjustment factor to be applied to the local market closing price of an equity, and a confidence interval, which assists mutual fund managers in deciding whether or not to apply the fair value evaluation for a given security. The Service uses a SEC suggested "bottom-up" methodology, which provides a valuation for each security in a portfolio rather than applying broad changes across sectors, countries or portfolios alone, known as a "top-down" approach.
The service has been designed to provide an easy interface to fund accounting software. Based on client preference the service can provide the fair value evaluation price or component data, which includes the confidence interval and the price adjustment factor. Data can also be viewed in greater detail online via the Web using FTInteractiveData.com.
For more information on FT Interactive Data's Fair Value Evaluation Service, visit www.FTInteractiveData.com. |
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About FT Interactive Data
FT Interactive Data is a leading provider of financial information and analytical software to global markets. FT Interactive Data supplies global securities pricing, dividend, corporate action and descriptive information for more than 3.5 million securities, including over 2.5 million active fixed income issues. The company also provides index and constituent data to the international investment community.
Through its affiliate CMS BondEdge, the company is a recognized leader in fixed income portfolio analytical software, independent research and valuation tools.
FT Interactive Data is the major operating division of Interactive Data Corporation (NASDAQ: IDCO), a leading global provider of financial and business information to institutional and individual investors. Headquartered in Bedford, Massachusetts, Interactive Data Corporation has approximately 1,600 employees in offices throughout the world. To learn more, visit us at www.FTInteractiveData.com.
Interactive Data Corporation is approximately 60 percent owned by Pearson plc and included within its Financial Times Group. Other Financial Times Group companies include the Financial Times newspaper, FT.com and Financial Times Business. Pearson plc is an international media company with market leading businesses in education, business information and consumer publishing. |
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For More Information:
FT Interactive Data:
Jeanne Murphy
jeanne.murphy@interactivedata.com
781-687-8548
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