Navera & Picket at a Glance
Focused on securing and growing your wealth
The Pictet Group was created in 1805 and counts more than 5000 employees, of which over 200 work for Pictet Asset Services, the asset servicing business line of the Group.
Pictet’s approach to client servicing finds its roots in the Group’s independence, allowing Pictet to focus on its clients and putting their needs at the center.
In developing a real partnership with its clients, Pictet Asset Services offers a quality and performance focused service that allows clients to concentrate on their own priorities: generating portfolio performance and distributing their products. Pictet has an ability to listen to its clients to then operate in consultation to help them find a solution that fits their needs.
Navera, based in the UK, was founded in 1993 in Switzerland and manages discretionary investment portfolios for a variety of clients. The business serves an international client base.
For over two decades, Navera has been building clients’ wealth for the future.
The team has been guided by a culture of partnership and a commonsense investment philosophy. With a fundamental belief that investing does not need to be complicated, Navera invests in great businesses that are built to last. This serves one purpose: to protect and grow clients’ wealth for the future.
THE RELATIONSHIP BETWEEN PICTET AND NAVERA
The investment management company Navera has been a client of Pictet Asset Services since 2015, mainly for custody and trading solutions through the desks in Zurich and London. A real trust has been built over the years between the two parties, forming a strong partnership and allowing them to grow together. This close relationship was demonstrated when Navera asked Pictet for guidance in the selection of a Portfolio Management System fitting its needs.
An efficient technology solution
Navera wanted to make its internal system more efficient, more quickly reconcilable and consolidated to unify the tool for all their custodians, including Pictet. Another main objective was to be able to transmit the orders directly to all trading rooms including Pictet and have a unified ordering lifecycle with multiple orders transmitted in a simplified way.
To meet these needs, Navera was looking for a technology that could allow it to take in the data from different custodians, transmit the right data to the dealing desks and reconcile the transactions and positions data once back in the system.
As Pictet and Navera have a longstanding and solid relationship based on trust, Pictet accompanied Navera in the search and assessment of a PMS.
Solution
Flexibility for future growth
In order to recommend a fitting solution for Navera, Pictet appointed a consultant to assess different tools to finally recommend two providers, including WIZE by TeamWork.
For Navera, it was highly important to have independent oversight of the choice. As a company which outsources several tasks, it pays high importance to understanding the party working with it as its goal is to partner in the long term.
The main characteristics Navera was looking for in a partner were: adaptability of the tool, capacity of the team, growth projection for the future and technology-leading characteristics such as functionalities flexibility to support future growth.
WIZE by TeamWork was ultimately chosen, and a real partnership emerged. During the project, Pictet, Navera and WIZE worked together as a single team toward a common goal, forming a real partnership and growing together through this unique experience
“The relationship and the trust built between Pictet, Navera and WIZE allowed us to achieve our common goal. The human values we share made this project a success. “
Fabien TCHANG, WIZE by TeamWork
The implementation was divided into different phases: the integration of data, the FIX connectivity and the construction of trade flows for both individual and bulk orders.
During these phases, Navera felt entirely supported with regular meetings and reports from WIZE.
Efforts were made in terms of technology to centralize trading through a single Order Management System for Navera, which also became a benefit for Pictet in terms of connectivity. As Pictet’s data quality was exemplary, Navera could focus solely on the connectivity.
Thanks to agile change management, the integration went smoothly given Navera’s commitment to succeed and train the team fully. Moreover, Pictet supported the change, helping with access privileges and ensuring consolidated data.
Pictet was a leader for the selection phase while adopting a support role in the implementation phase with a high reactivity and responsiveness, underlining the commitment to accompany its client for a successful project.
Expertise and understanding what you are good at, is at the core of a successful project. You cannot be all things to all people. This is what made this project a success; each of us focused on what we were good at.
Archana MOHAN, Navera Investment Management
Results and Benefits
Workload reduction with a centralized platform
Through WIZE, Navera has an automated Portfolio Management System which centralizes data. All orders are executed from one Order Management System with all details and reports. Risk management is enhanced with full auditability at any time. This system offers a workload reduction and enhances portfolio management capabilities for the investment team.
Throughout the implementation, Navera analyzed workflows and processes. As a result, Navera transitioned four distinct operating models onto a single, centralized dealing platform.
Pictet’s trading room observed over 800 orders with zero rejections during February 2022.
Navera saw efficiency in dealing and client outcomes as aggregated order volume represented over 70% of the trades placed during the same period. Overall, these figures underline the quality of the project and the strength of the implementation. Increasing client service quality through the partnership with WIZE will continue over the long term.
Perspectives
Better advices and support with technology
Navera noted that all three teams were willing to engage in exploration and discovery, holding experimentation at the project’s core. Through collaborative decision making, a data-informed process was built encouraging diversity of thought, challenge, and learning. Collective expertise was built over time which resulted in agile problem solving and ultimately a successful implementation.
For Pictet, this project underlines the achievement of a growing relationship with its clients through technology, not by providing the technology itself but by being able to interface with the client’s chosen system, adapting and putting their needs at the heart of the project, as well as giving advice and providing support all the way.
This project illustrates our client relationship model. We are committed to building responsible partnerships with our clients and accompanying them on a path to success.
