Duco, a leading SaaS provider of AI-powered operational data automation, has announced a strategic collaboration with Phoenix Group, one of the UK’s largest long-term savings and retirement businesses, to modernise reconciliation infrastructure, empower operational teams, and scale efficiently across its Asset Management division.
The project will create a unified, cloud-based environment for reconciling investment and accounting records across 20 administrators and multiple asset classes. By simplifying these critical workflows, Phoenix aims to strengthen controls, reduce manual intervention, and give its teams greater ownership of daily operations.
Philip Shaw, Asset Management COO of Phoenix Group, said: “Bringing our reconciliation infrastructure to the cloud is a key part of our operational strategy,” said Shaw. “With Duco, we can manage change more quickly, reduce reliance on IT support, and establish a consistent model for how data is reconciled across the business.”
“The relationship with Duco has been open and collaborative from the start,” added Shaw. “We value the team’s understanding of our environment and their commitment to helping us build a system that supports future growth.”
The initial phase will focus on automating reconciliation between Investment Book of Record (IBOR) and Accounting Book of Record (ABOR) data, ensuring consistent, auditable controls and alignment with European Market Infrastructure Regulation (EMIR) standards.
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.”
