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CASE STUDYSignet Financial Management enhances rebalancing and customization
with RedBlack's cloud solution
Customer challenge
Modernizing portfolio management for growth and efficiency
As Signet’s business steadily expanded across different types of clients, accounts, strategies and asset classes, its bundled rebalancing tool was unable to keep up with the increased complexity and shifting client demands. In addition, hosting and managing software on-premise became expensive and time-consuming to support growth.
Signet recognized the need to enhance portfolio customization to meet clients’ specific preferences, restrictions and target strategies. With householding becoming a key requirement, the firm needed to be able to trade accounts as one account, perform tax-loss harvesting en masse, and distribute all assets to deliver clients' trading and tax efficiencies.
Solution
From limitations to innovation
In 2016, Signet implemented RedBlack for rebalancing, trading, and order management to customize portfolios at scale with householding, tax-loss harvesting, and sleeve rebalancing to support tactical movements.
In addition, consistent growth led to the constant maintenance of hardware and connectivity across multiple offices, rising IT staff constraints, and the need to focus more on core competencies, which prompted its move to the RedBlack cloud edition in 2022.
“Our previous solution couldn’t rebalance sleeve or household accounts, which limited our ability to give clients what they needed. RedBlack has helped tremendously with fulfilling tax strategies and scaling different types of assets across different types of accounts.”
Andrey Yashin, MS, CFA®, Director of Portfolio Management
Signet Financial Mangement
Impact
Cloud migration that scales with success
RedBlack’s multi-tier model capabilities play a critical role as Signet continues to customize portfolios and styles to clients’ needs and unique circumstances across different accounts at scale. Signet increased its AUM from less than $200 million when it started using RedBlack to more than $959 million as of March 2022. As Signet steadily added assets, strategies and clients, migrating to RedBlack cloud offered a more reliable, simple and scalable option while reducing the total cost of ownership.
“Since going live on RedBlack cloud, we’ve improved operational efficiencies, business continuity, and overall agility in a highly reliable cloud-based environment,” said Steve Tuttle, partner, chief investment strategist, and chief compliance officer for Signet. “As always, the RedBlack team was a pleasure to work with and ensured a smooth migration."
See RedBlack in action
Learn how RedBlack rebalancing and trading can integrate with your systems and support your business growth.