London-based wealth management IT firm StatPro Group has launched a new service which gives asset managers access to financial indices through a standardised platform.

In addition to collecting index data, StatPro repackages it in a way that is designed to be intuitive and easily loaded into StatPro’s data hub.

“The current problem for asset managers is that each index provider provides multiple files with unique formats and methodologies to their users. Some index ‘families’ number hundreds of files each day, some with complex constituent data combinations,” said Justin Wheatley, chief executive of StatPro Group.

“Individually, these scenarios prove challenging to end users. Combine that with inconsistent delivery by suppliers, missing files or re-issued data, and frequent layout or data changes and end-users begin to spend significant resources on what was thought to be ‘standard, off-the-shelf’ data,” he said.

StatPro began packaging and disseminating data FTSE/JSE Africa Index Series as a service to South African clients. The service is now being expanded to include FTSE UK and Global, S&P US, iBoxx, Russell US & Global, JP Morgan and Stoxx indices, with rollouts for the S&P Emerging/MIB/ASX/Global, Deutsche Boerse DAX, and Dow Jones indices planned in the coming months.

StatPro was founded in 1994 and floated on the London Stock Exchange in 2000, before transferring its listing to AIM in 2003. According to the firm, its annual revenue has now grown to £28.4 million (around $39.2 million).