Markit Ltd (NASDAQ:MRKT), an international provider of financial information services, today announced that it was selected by Aberdeen Asset Management to value hard to price assets for positions with limited market data.
Markit’s hard to price valuation service provides valuations for seldom traded assets, private placement debt and unlisted equity positions. The service uses high quality data and proprietary methodologies. It aims to satisfy the post-trade statutory and policy requirements of investors, regulators, and auditors for independent calculation of asset values.
Carolyn Baker, global head of data management at Aberdeen Asset Management, said:
“Markit’s service enables us to value hard to price assets which are held in a number of our portfolios. Outsourcing this function brings independence and operational efficiencies to an area which requires specialist skills. We are impressed with the quality of service Markit offers and are convinced that this helps us to deliver a best in class solution to our clients.”
Kevin O’Connor, head of private equity services at Markit, said:
“The increasing scrutiny on hard to price positions from auditors and regulators places a significant burden on asset managers, one which is expected to grow over time. To help address this challenge, Markit offers an independent valuation service which provides transparent reporting when clients need it.”
To view the full press release on the collaboration, click here.