Asset Management: Reinventing Reporting for the New Era of Transparency and Compliance
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The document discusses the need for asset managers to adapt their operating models in response to transformative forces like financial regulation and changing client expectations. It emphasizes the importance of enhancing reporting, data management, and client servicing to restore investor confidence and comply with new standards. Moreover, it highlights the shift towards passive investments and the growing demand for transparency and customized reporting, urging asset managers to leverage cloud-based solutions for efficiency and cost management.
Asset Management: Reinventing Reporting for the New Era of Transparency and Compliance
- 1. • Cognizant Reports Asset Management: Reinventing Reporting For the New Era of Transparency and Compliance Executive Summary industry is adjusting to the five transformative As assets under management (AUM) inch back forces (see Figure 2, page 3) that are causing to pre-crisis levels, it may appear as if the asset them to rethink their operating models. To stay management industry has weathered the finan- competitive, asset managers must continue to cial storm. However, the transformative forces focus on their core business of creating innovative in today’s world are compelling asset managers investment strategies and offering the highest to rethink their operating models for effectively level of client service while coping with the addressing demands from clients and regulators. onslaught of financial regulation. One such decision is to reassess reporting, data Restoring Client Confidence management and decision support capabilities While buoyant investor confidence marked the within the firm, specifically those related to heyday preceding the U.S. credit crisis, a series post-trade areas, such as operational reporting, of economic shocks and scandals have signifi- business intelligence, firm-level executive cantly dented investor confidence. To restore dashboards and client reporting. The emergence client confidence, asset managers need to scale of cloud computing-based models offers asset new heights in client servicing and transparency. managers the ability to source reporting as a service from a provider via a variable, usage-based Focus on client servicing: Client service has payment model. Asset managers can leverage emerged as a key focus area for asset managers. such emerging service models to modernize Studies indicate that asset managers who have their reporting in order to meet the information mastered the art of servicing their clients are demands of clients, regulators and decision- able to retain assets even during difficult times.1 makers, while obviating the need for ongoing An Investment Metrics survey conducted by capital investments in their platforms. Chatham Partners during November 2010 reveals that institutional investor satisfaction with invest- Transformative Forces ment managers is greatly influenced by client Even as AUM returns to pre-crisis levels (see service, regardless of the economic climate or Figure 1, next page), the asset management investment performance (see Figure 3, page 4). cognizant reports | april 2012
- 2. The study indicates that 60% of overall complete, accurate and timely information satisfaction can be attributed to investment of their portfolio holdings and performance. performance, but this can often be cyclical and Heightened transparency by asset managers unpredictable. The rest, 40%, is attributable to is increasingly viewed as critical to boosting client service that can be delivered consistently. institutional investors’ transparency efforts. More important, of the top-five factors in order of importance attributable to client service, two are Dawn of a Compliance-Driven Future related to client reporting (see Figure 4, page 5). An unprecedented wave of financial regulation on both sides of the Atlantic is subjecting asset Both institutional and retail investors alike are managers to a greater level of regulatory scrutiny. demanding greater value addition from their Several regulations, such as the Dodd-Frank Act, asset managers, such as research and analytics, MiFID II and Solvency II (which are focused on in addition to the expected offerings of better improving investor protection, transparency and client servicing, fund performance against the liquidity, as well as systemic and firm-level risk benchmark and absolute returns. Investors are management), have resulted in new reporting also emphasizing customized solutions2 that are requirements3 for asset managers. This under- focused on specific outcomes or timeframes. scores the need for aggregating, integrating Demand is also growing for information, research and managing data across firm operations for and tools that enable slicing and dicing of data reporting purposes, a daunting task for most to understand portfolio performance and risks, asset managers.4 A firm's data management whether periodically, on-demand and in real time. and reporting platforms need to be adaptable to Platforms that meet these new expectations can adequately cope with such regulations. better engage customers and help generate more business. Beyond meeting the need for greater Global Assets and Operations transparency, asset managers who find innova- While allocation of assets across the globe is not tive ways of providing differentiated services will a new phenomenon, the trend is likely to intensify. be ideally positioned to win market share. According to a survey of institutional investors in 2011 by McKinsey & Co.,5 allocations to emerg- Focus on transparency: The AUM recovery ing markets have increased by a factor of three in 2010-2011 was accompanied by a height- during the past five years. The share of emerg- ened demand for transparency. Institutional ing markets in global AUM is expected to increase investors such as insurance funds, pension from 11% in 2009 to 15% in 2015, and the share funds, corporate and other entities have of profits is projected to rise from 27% to 35% increased their scrutiny, and they now demand during the same period (see Figure 5, page 5). AUM, Revenues and Profitability Operating profits improved in 2010, but gains were less impressive in 2011 due to market declines and cost growth. Average AUM Revenues Expenses Profits 100 100 107 100 94 90 90 90 96 94 78 101 76 100 75 92 96 55 86 90 2007 '08 '09 '10 '11* 2007 '08 '09 '10 '11* 2007 '08 '09 '10 '11* 2007 '08 '09 '10 '11* Index: The year 2007=100 * McKinsey forecasts, based on 3Q 2011 reported results Source: 2011 McKinsey/U.S. Institute Asset Management Survey; Merrill Lynch Figure 1 cognizant reports 2
- 3. Five Forces Driving A New Era Of Transparency and Compliance Transformative Events/Drivers Imperatives Technology Implications Forces Need to restore • U.S. financial crisis • Better understanding • Demand for aggregated investor confidence • Madoff scandal of the portfolio’s risk exposure. client-level views with transparent reporting • Eurozone debt contagion • Adaptable allocation on individual holdings and transactions. strategies that allow taking advantage of • Advanced analytics and global investment data cubes that support opportunities. real-time, ad hoc analysis. • Self-help analysis tools • Multiple channels for for analyzing impact consuming data, anytime, of unfolding economic anywhere. events on the portfolio. • Increased transparency and granularity in reporting. • Focus on client servicing. Regulations • Dodd-Frank Act • Adaptable business • Increased need for • MiFID II model in light of the revised regulatory data management and governance to produce • Basel III regime. accurate firm-level data. • Solvency II • Agility in meeting • Reporting tools capable regulatory requirements. of producing aggregated • Higher cost of dashboards and data analytics. compliance. Global assets and • Increasing importance of • Client need for asset • Demand for holistic views operations emerging markets as an allocation in global that integrate data from asset class. asset classes. global operations. • Significant shift in • Global operations to tap • Insightful performance wealth to East, resulting into investable assets and risk analytics that in increased focus on within emerging markets. provide decision support emerging markets for raising new asset sources. • Increased regional for complex investment strategies. regulations. • Slowdown in developed • Increased infrastructure • Increased data economies. requirements. management and robust data strategy. Margin squeeze: • Volatile financial markets. • Increased pressure on • Robust, adaptable archi- Pressure on top-line • Shift in client preference fees. tecture that can cater to and bottom-line to ETF and index-based • Lower fees from ETF and changing requirements without proportionally passive investments. passive investments. increasing total cost of • Challenges in raising • Higher operating and ownership. new assets from clients. technology costs. New technologies • Increasing use of mobile • Increased real-time • Scalable cloud- based phones, tablets and communication with platforms. social media. clients. • Newer channels for • Cloud computing. • Adoption of variable cost information delivery, • Next-generation user services and technology such as mobile channels. experience. platforms. • Emergence of social • Intuitive, easy-to-use media as a competitive interface. differentiator. Source: Cognizant Research Center Figure 2 cognizant reports 3
- 4. Investors in the U.S. and Europe are increas- reporting.9 Changing client preferences are bound ingly looking to global investment exposure for to put upward pressure on costs and downward higher returns and risk diversification. Emerging pressure on revenue, leading to squeezed margins. markets such as Asia will be explored for new clients and investment opportunities.6 Moreover, asset managers’ margins are expected to come under even greater pressure due to As a result, asset managers aim to realize several factors: more than half of their growth from emerging • Increasing client preference for passive markets during the next five to 10 years by investments. adopting a mix of strategies such as part- • Performance fees under the scanner. nerships, joint ventures, organic growth and • Increasing compliance costs. inorganic acquisition strategies.7 This widening geographic presence presents challenges in Increasing client preference for passive terms of regulatory compliance and managing investments: An analysis of actively managed multiple operational systems that increase com- funds conducted during 2011 by KPMG indicates plexity when aggregating data on a consolidated that over the past 10 years, 85% of “long-only” level, among other organizational obstacles. This, active managed funds failed to deliver above together with the demand for global assets and benchmark returns.10 This led to a marked shift of the increasing proportion of emerging markets in risk aversion, as evidenced by a significant rise in the global AUM business, will demand larger scale, demand for passive and exchange traded funds which in turn will require additional infrastructure (ETF) investments. investments that are resulting in increased cost pressure. The global market for exchange traded products (ETP) increased from $108.7 billion in 2001 to Mounting Pressure on Margins $1524.4 billion in 2011, at a CAGR of 30.2% (see Changing client behavior is motivated by grow- Figure 6, page 6). Passive investment products ing risk aversion, preference for passive funds, are outpacing traditional active products and are demand for a heightened level of service and set to garner a substantial share of global AUM in greater momentum toward performance-based the coming years.11 fees. New, more conservative clients want value for their money, less focus on alpha,8 robust risk The significant growth in lower margin management systems and absolute clarity on passive products12 and the growing competition Client Servicing Achieves Top Honors What are the drivers for investor satisfaction? Clarity in Absolute explaining return investment 8% approach Portfolio volatility 9% 8% Consistency Risk of returns management 8% 9% Performance vs. Consistency of benchmark strategy with 9% expectations 9% Client service 40% Survey base: 1,726 investors surveyed between 2007-2009 Source: Investment Metrics, Chatham Partners Figure 3 cognizant reports 4
- 5. Client Servicing: Emerging Priorities Market/investment knowledge of portfolio team Clarity of investment reports Problem resolution skills of client service representative Frequency of contact of client service representative Timeliness of investment reports Ease of navigation of Web site Level of preparation for investment review meeting Client service representative understands my unique needs Responsiveness of client service representative Reporting capabilities of Web site 0% 5% 10% 15% 20% 25% Survey base: 1,726 investors Source: Chatham Partners Figure 4 for funds may further restrict fees applied to dilute the profitability of asset managers and these passive products. There are two potential compel them to further squeeze their overall future scenarios on the passive front. First is costs. the view that this could be a secular long-term trend that is unfolding gradually. The other likely Further, the ETF industry has lower levels of scenario is that the trend may reverse when standardization and automation of processes the markets start trending up, cyclically, and compared with other traditional funds in the traditional funds are perceived as increasingly market. This forces asset managers to seek a attractive. cost-effective operating model.13 In the short- to medium-term, however, asset Performance fees under the scanner: managers cannot afford to miss the opportunity Investors are also carefully examining fee of tapping into passives’ growth momentum. As levels in relation to the performance14 of their low-margin products, passives could potentially asset manager. The rising demand of a fee-for- Emerging Markets: New Growth Frontier The U.S. asset management industry's share of global AUM and profits will continue to decrease as emerging markets grow. Share of global AUM Share of global profit pool Percent Percent 100 100 Variation 100 100 Variation 37 31 -6 43 39 -4 33 -3 36 46 +0 46 35 +8 27 11 15 +4 2009 2015 2009 2015 U.S Other developed markets (includes Western Europe, Japan, Canada and Australia) Emerging markets (all other markets, i.e., not U.S. or other developed markets) Source: McKinsey Global Banking Profit Pool Figure 5 cognizant reports 5
- 6. performance model is likely to exert downward Growing Prominence of Reporting pressure on revenues. To succeed in the emerging era of transparency and compliance, asset managers need to substan- Increasing compliance costs: The cost of doing tially improve their reporting functions to satisfy business is increasing due to rising compliance clients and regulators. In the post sub-prime era, requirements and the expense of managing ad hoc requests for reports by investors in areas increasingly global operations. For instance, such as portfolio performance have increased regulations around OTC derivatives are likely to exponentially. This sudden spurt in demand for increase trading costs of these securities. reports is placing enormous pressure on asset managers whose systems were not designed The reporting requirements by clients and tighter to meet this deluge. To reassure clients, asset regulations across the U.S. and Europe are bound managers need to offer traditional reporting to raise the cost of operations. With the decline packages, as well as customized reports, with in revenues and increase in costs, the operating additional requested analysis and information. margin of some firms is likely to be impacted. Asset managers will eventually be forced to Client needs apart, an improvement in reporting assess models that enable them to maintain capability is also an important internal require- flexibility in managing operating costs during ment for asset managers. Senior managers both market upturns and downturns.15 require insightful reporting on processes and risk exposures to ensure they are not caught Emergence of New Technologies off-guard. The emergence of new technologies such as mobility and social media allows clients to access While demand for accurate and timely real-time information and improve communica- information from all three users of the reporting tion among stakeholders. platform — clients, regulators and both portfolio managers and firm executives — is steadily The use of cloud computing is also gaining increasing, many firms’ existing platforms are momentum. This computing approach allows struggling to keep pace with these ever-growing asset management firms to move toward a requirements due to multiple challenges: variable cost model and quickly adapt to changing business conditions with increased • In many cases, reporting continues to be agility, scalability, flexibility and efficiency. performed through homegrown legacy systems, most of which have significantly outgrown their initial functional scope and Global Exchange Traded Products Posting Stellar Growth Global ETP market size (in $ billions) 1.800 1.600 1,524.4 1,482.6 1.400 1.200 1,155.7 1.000 851.3 800 772.3 598.1 600 428 400 319.1 218.3 145.7 200 108.7 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Source: BCG Global Asset Management Market Sizing Database, 2011 Figure 6 cognizant reports 6
- 7. outlived their architectural and technological or a budget to implement one, can result in life expectancy. major data quality issues. • In some other cases, reporting is achieved • Finally, most reporting platforms are tradi- through data generated from disparate tional in that they comprise “reports” that are point solutions that get stitched together specifically designed and developed per user manually using office automation software group. In such cases, each little tweak to an such as Microsoft Excel. As a result, it’s existing report results in a development cycle. extremely difficult to both achieve a holistic view and drill down into details through a single report. The Case for Cloud-Based Reporting • The trend of outsourcing middle-office Platforms functions to asset servicers further compli- Given the increasing demand for reporting from cates the equation, since managers are now the imposing duo of investors and regulators and dependent on the capabilities of the servicer’s the prospect of declining margins and the fixed platform. This issue is significantly aggravated cost structure, we believe there are two impera- when outsourcing is handled by multiple tives for asset managers. First, they must reinvent service providers for risk mitigation purposes their post-trade reporting platforms to comply or limited to a specific entity or specific region. with the changing industry order. Second, they Managers may be forced to aggregate data must seek tier-one providers to deliver report- across providers or across in-house systems ing as a service. By using a cloud-based reporting and the provider to obtain a firm-level view. platform in which services are paid for as they are • M&A activity spread over multiple geogra- consumed, asset managers can obviate high up- phies often results in data that is scattered front investments for the post-trade infrastruc- across multiple systems. For example, an asset ture and variabilize their costs. manager may use one portfolio accounting system for traditional assets and another, Reinventing Post-Trade Reporting more specialized system for alternative assets. Platforms Some of the core systems used by managers A robust, insightful and self-help-based are legacy and do not lend themselves to easy post-trade reporting platform is a key component integration. Lack of a consistent data strategy, of the operating model of a global asset Anatomy of a Post-Trade Reporting System Mobile and Tablet Internet Client Portal Data Extracts Distribution Channels management tools Business activity Audit trail/SLA Governance & Control Framework Operational Efficiency Enhancers monitoring Workflow tracking Data Business Intelligence & Visual Dashboards Operational Reporting Client Reporting E-mail integration Business rules Integrated issue Entitlements management engine Configurable data extraction, transformation and validation Reporting Platform Middle Office Bank Office Reference Data Custom data Fund Configuration Trade processing Performance & attribution Security master accounting data Unstructured Corporate actions Reconciliation Custody Product master data Investment Billing Transfer agency Client master Source systems accounting Source: Cognizant Business Consulting Figure 7 cognizant reports 7
- 8. management firm. In the changing industry order, will also prove to be a significant differentiator such a reporting platform can satisfy the exacting and a strategy for attracting new money. demands of clients and regulators alike, as well as • In the case of internal users and decision- the organization’s internal need for improved risk makers, the reporting paradigm can be shift- management and portfolio decision support. ed significantly. New technologies make it possible to create intelligent, context- and time- We believe that three key aspects of the new sensitive interfaces that can “understand” post-trade reporting systems — operational the need of information consumers and their reporting, client reporting, business intelligence actions and display the most relevant data and data visualization — should be structured to at any point in time. For example: The de- serve the increased demands for transparency, fault start-of-the-day interface for a portfolio client service, regulatory reporting and risk manager managing an active strategy could management (see Figure 7, previous page). be a visual dashboard of the performance of his/her portfolios, while that for a port- Positive developments are allowing asset folio manager managing a passive strategy managers to leverage these platforms to address could focus primarily on cash inflows and emerging requirements and challenges. outflows. Toward the end of the day, the • In light of the dramatic advances in user default dashboard could change to those experience technologies, it is now possible to focusing on status of executed trades. The create an intuitive and easy-to-use interface dashboard produced for the firm’s chief in- that can empower business users to define vestment officer would be an aggregate of all their own workspace and reports with minimal portfolios and associated risk measures, allow- dependency on technology staff. This can dra- ing the executive to focus on the most critical matically reduce the technology development data points. pipeline for “new” or “custom” reports and the associated cost of maintaining such reports. Road Ahead: Sourcing Reporting • Client reporting and client servicing can be as a Service dramatically changed by exposing an easy-to- On the one hand, having an innovative reporting use analysis toolkit to sophisticated investors, platform can help asset managers address most akin to the decision-support tools used by the reporting requirements and potentially attract firm’s portfolio managers. Savvy investors new money; on the other hand, many firms are could utilize the toolkit to quench their thirst unable to fund multi-year programs to modernize for transparency and for custom reporting on or rebuild their current platforms. their portfolio. Going a step further, the next generation of features could allow investors Sourcing new post-trade reporting platforms to create their own custom, aggregated views from a trusted tier-one partner can help asset by merging data on mandates held elsewhere managers variabilize fixed costs and enable them with those held at the manager. This would to focus on their core functions (see sidebar, empower the investor to analyze the entire below) of generating investment performance. investment book, not just those investments managed by the firm. Such features will not Migrating to a cloud-based reporting platform only eliminate ad hoc reporting requests but delivered in the form of business process as a Advantages of Reporting as a Service Model • Increased business agility/flexibility. • Improved quality of service. • Avoidance of capital expenditure. • Transfer of ownership responsibility to the provider for infrastructure, technology and resources. • Usage-based fee, which enables conversion of Cap-Ex to Op-Ex. • On-demand reporting, anytime, anywhere. cognizant reports 8
- 9. Viability of the Cloud Do you see your business running in the cloud/as a hosted solution? 22% Already does 36% In the next 2-3 years Considering it for the future 24% Never 18% Response base: 159 investment professionals Source: Global Investment Management Survey, Linedata Exchange (2011) Figure 8 service (BPaaS) can improve agility in reporting In a survey conducted by Linedata Exchange while variabilizing fixed costs by enabling asset in 2011, 36% of investment management firms managers to embrace a pay-per-use model. This queried said they were already using the cloud model aligns very well with the current business platform. Moreover, 18% said they hope to be environment. Asset managers, for example, can: using cloud delivery models in the next two to • Provide online access to their clients with data three years (see Figure 8, above). tailored to their specifications. • Generate reports on-demand. Among the concerns associated with flexible • Provide query tools that offer data mining and sourcing models such as reporting as a service, analytics capabilities. This lends interactivity data security and confidentiality figure promi- to the process, which is vital to customer nently. This calls for providers to embed effec- satisfaction. tive data security and governance mechanisms to ensure safety of the data being handled. With the advent of sophisticated applications for mobile and Web-based environments, significant Sourcing post-trade reporting as a service offers changes are in the offing for asset management a compelling way for asset managers to stay information delivery systems. It is imperative agile, while focusing on their business core. This for asset management firms to use the latest is essential today, given the macro-economic advances in technology, such as cloud computing pressures — transparency, regulatory, competitive models, and utilize their benefits to strengthen or — and the never-ending quest to contain costs, as advance competitive advantage. well as the need for operational scalability (upward and downward, in sync with business cycles). cognizant reports 9
- 10. Footnotes 1 “The Asset Management Industry in 2010,” McKinsey & Co., 2006. 2 “Global Asset Management 2011, Building on Success,” The Boston Consulting Group, July 2011, http://www.bcg.com/documents/file81068.pdf. 3 “Performance: A Triannual Topical Digest for Asset Management Professionals,” Issue 6, Deloitte Touche Tohmatsu Ltd., September 2011, http://www.deloitte.com/assets/Dcom-UnitedStates/Local %20Assets/Documents/FSI/US_FSI_performance6_101411.pdf. 4 “Redesigning Operations for the New Regulatory Era,” Ernst & Young, May 2011, http://www.ey.com/ Publication/vwLUAssets/Redesigning-operations-for-the-new-regulatory-era/$FILE/Redesigning- operations-for-the-new-regulatory-era.pdf. 5 “The Best of Times and the Worst of Times for Institutional Investors,” McKinsey & Co., August 2011, http://www.mckinsey.com/clientservice/Financial_Services/~/media/Reports/Financial_Services/ Institutional.ashx. 6 “Formula for Success,” KPMG, January 2011, http://www.kpmg.com/NZ/en/IssuesAndInsights/ ArticlesPublications/Frontiers-in-Finance/Documents/FIF-Jan-2011-03-Formula-for-success.pdf. 7 “Growth in a Time of Uncertainty: The Asset Management Industry in 2015,” McKinsey & Co., November 2011, http://www.mckinsey.com/clientservice/Financial_Services/Knowledge_Highlights/ Recent_Reports/~/media/Reports/Financial_Services/McK_AM2015.ashx. 8 Alpha is a risk-adjusted measure of the so-called “active return” on an investment. It is the return in excess of the compensation for the risk borne and, as a result, is commonly used to assess active managers’ performance. Often, the return of a benchmark is subtracted in order to consider relative performance, which yields Jensen’s alpha. 9 Neeraj Sahai, “The Crisis Aftermath: What are the Prospects for Traditional Asset Managers?” Citi Securities and Fund Services, May 20, 2010. 10 “The Agile Asset Manager,” KPMG, August 2011, http://www.kpmg.com/Global/en/IssuesAndInsights/ ArticlesPublications/Documents/agile-asset-manager-full-report.pdf. 11 “Global Asset Management 2011: Building on Success,” BCG. 12 “The Agile Asset Manager,” KPMG. 13 “ETFs' New Operating Model Needs,” PricewaterhouseCoopers, http://www.pwc.com/gx/en/asset- management/asset-management-insights/etfs-new-operating-model-needs.jhtml. 14 “The Agile Asset Manager,” KPMG. 15 “Formula for Success,” KPMG. cognizant reports 10
- 11. Credits Authors and Analysts Rajeshwer Chigullapalli, Head, Thought Leadership Practice, Cognizant Research Center Sanjay Fuloria, Senior Researcher, Cognizant Research Center Yuvaraj Velusamy, Researcher, Cognizant Research Center Subject Matter Experts Kamlesh Kosare, Senior Manager, Cognizant Business Consulting, Banking & Financial Services Practice Amar Devasthali, Manager, Cognizant Business Consulting, Banking & Financial Services Practice Design Harleen Bhatia, Design Team Lead Suresh Sambandhan, Designer About Cognizant Cognizant (NASDAQ: CTSH) is a leading provider of information technology, consulting, and business process outsourcing services, dedicated to helping the world’s leading companies build stronger businesses. Headquartered in Teaneck, New Jersey (U.S.), Cognizant combines a passion for client satisfaction, technology innovation, deep industry and business process expertise, and a global, collaborative workforce that embodies the future of work. With over 50 delivery centers worldwide and approximately 137,700 employees as of December 31, 2011, Cognizant is a member of the NASDAQ-100, the S&P 500, the Forbes Global 2000, and the Fortune 500 and is ranked among the top performing and fastest growing companies in the world. Visit us online at www.cognizant.com for more information. World Headquarters European Headquarters India Operations Headquarters 500 Frank W. Burr Blvd. 1 Kingdom Street #5/535, Old Mahabalipuram Road Teaneck, NJ 07666 USA Paddington Central Okkiyam Pettai, Thoraipakkam Phone: +1 201 801 0233 London W2 6BD Chennai, 600 096 India Fax: +1 201 801 0243 Phone: +44 (0) 207 297 7600 Phone: +91 (0) 44 4209 6000 Toll Free: +1 888 937 3277 Fax: +44 (0) 207 121 0102 Fax: +91 (0) 44 4209 6060 Email: inquiry@cognizant.com Email: infouk@cognizant.com Email: inquiryindia@cognizant.com © Copyright 2012, Cognizant. All rights reserved. No part of this document may be reproduced, stored in a retrieval system, transmitted in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the express written permission from Cognizant. The information contained herein is subject to change without notice. All other trademarks mentioned herein are the property of their respective owners.