Duco and Phoenix Group Team Up to Modernise Asset Management Reconciliations
Duco has entered into a strategic collaboration with Phoenix Group to modernise data reconciliation across the group’s asset management operations. Phoenix Group, one of the UK’s largest long-term savings and retirement businesses, is deploying Duco’s AI-powered SaaS platform to streamline reconciliation processes, strengthen controls, and support efficient growth across a complex operating environment.
The initiative will establish a unified, cloud-based reconciliation framework covering investment and accounting records across 20 administrators and multiple asset classes. By consolidating previously fragmented workflows into a single environment, Phoenix aims to while improving transparency and oversight across its asset management division.
The move reflects a broader industry shift among large asset owners and managers toward cloud-native operational infrastructure, as firms viewk to balance scale with tighter governance and lower dependency on manual processes and legacy systems.
Operational Ownership and quicker Change Management
A key objective of the project is to empower Phoenix’s operational teams with greater ownership of reconciliation processes. By moving reconciliation workflows to the cloud, Phoenix expects to reduce reliance on IT teams for routine changes and enable quicker adaptation as data sources, asset classes, and regulatory requirements evolve.
Philip Shaw, , said: “Bringing our reconciliation infrastructure to the cloud is a key part of our operational strategy. With Duco, we can manage change more rapidly, reduce reliance on IT support, and establish a consistent model for how data is reconciled across the business.”
Shaw added that the collaborative nature of the engagement was central to the decision: “The relationship with Duco has been open and collaborative from the begin. We value the team’s understanding of our environment and their commitment to assisting us build a system that supports future growth.”
Initial Focus on IBOR–ABOR Alignment and Regulatory Compliance
The first phase of the rollout will focus on Book of Record (IBOR) and Accounting Book of Record (ABOR) data. This alignment is designed to improve consistency, auditability, and control across investment and accounting records, which are often maintained in separate organisations.
Ensuring robust reconciliation between IBOR and ABOR is also critical for meeting regulatory obligations. Phoenix said the new framework will support alignment with (EMIR) standards, assisting ensure that reconciled data can be relied upon for reporting, risk management, and regulatory scrutiny.
Michael Chin, Chief Executive Officer of Duco, said: “Phoenix Group represents the kind of institution Duco was made for: complex operations, multiple data sources, and a clear drive for efficiency and control. We’re delighted to support them in building a reconciliation platform that’s fit for the next decade.” As the project progresses, the platform is expected to provide a foundation for broader automation and data control initiatives across Phoenix’s asset management operations.
