Brickwood Asset Management has appointed FinScan, the AML screening business of Innovative Systems, to monitor companies held in its investment portfolios and their directors on an ongoing basis.
The UK-based value equities boutique will screen portfolio companies and their directors against global sanctions lists and adverse media sources. While sanctions screening is a regulatory requirement, Brickwood has chosen to incorporate adverse media checks voluntarily as an additional layer of oversight.
The agreement will allow Brickwood to monitor potential risks associated with both the businesses in its funds and the individuals responsible for directing them. The move comes as asset managers face increasing scrutiny of their compliance arrangements from regulators and investment allocators.
FinScan’s platform supports screening of corporate entities and individuals against sanctions lists, politically exposed person (PEP) databases and adverse media sources. Its configurable matching technology is designed to improve the precision and explainability of screening results, while reducing duplicate and lower-priority alerts. It also maintains an audit trail of completed reviews.
Brickwood was founded by professionals with experience at leading asset management firms in the UK and internationally, with a focus on value equity investing.
FinScan operates under Innovative Systems, a provider of AML technology and consultancy services. Its offering combines Know Your Customer (KYC) checks, sanctions screening, risk scoring, data quality capabilities and advisory support. The platform is available through software-as-a-service (SaaS), on-premise and hybrid deployment models.
Innovative Systems said its SaaS customers process more than 300bn name screenings each year.
Brickwood Asset Management CEO Claudia Ripley said, “Screening the issuers we hold against global sanctions is a core regulatory requirement, and ensuring that process is supported by a high-quality screening solution was an important consideration for us. Adverse media screening is a step we chose to take beyond that requirement. FinScan gives us ongoing coverage across both, with a clear audit trail behind every review.”
Innovative Systems chief revenue officer Ben Sher said, “We’re delighted to welcome Brickwood Asset Management as a FinScan customer. Asset managers face real scrutiny from allocators and regulators, and Brickwood Asset Management has responded by building best-in-class controls. Adding adverse media screening alongside sanctions, across both their holdings and the directors of those companies, is a considered choice, and one we expect to see more of across the asset management market.”
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