Known data differences between FundAnalyser and EchoWeb

Applicable period

Reports affected

Impact

Explanation of difference

All periods

Industry Report

Medium

JISA data

JISA FUM and transactions data are not reported by Echo / EchoWeb

Feb 2012 to Oct 2015

Industry Report

Medium

Echo transaction data omissions

As discussed, we discovered that some transactions are omitted from the Echo reports due to how the system is built. Here is an explanation:

1.     Echo takes the raw dynamic data collected from members and makes a summary table which the reports run off

2.     The summary table starts with the FUM data collected that period

3.     It then finds any transactions data which match the ISIN, Wrapper, Investor Residence of the FUM data rows

4.     Any transactions which don’t have a matching FUM with the same ISIN, Wrapper, and Investor Residence are not included in the summary table.

It appears to affect Feb 2012 to Oct 2015, but there’s no structural reason why it’s limited to this period.

All periods

Marketing Insights, specifically the Commentary tables

Small

1.     All but "UK Direct Property" are due to the Echo value being from beyond the reporting period - Fund Analyser run as-at the selected reporting period (in these examples Sept-2023), so the newer data was not available. We understand this to be correct as to our intended behaviour.

2.     "UK Direct Property" the highest inflow and outflow are chosen by sorting the data by the percentage changed to 4 decimal places. If there are many matching values, Fund Analyser will display the EARLIEST occurrence. You can see the values Echo had available on the "Source" tab in your attached workbook. There are three months with the same change value, and they have chosen the middle one. We tried more decimal places when originally implementing but the values differed from Echo (In this instance, even if we include more decimal places, the Apr-2022 comes out on top) - So again we believe Fund Analyser makes sense here.

Before Sep 2024

Industry Report

Medium

Private Client (reallocated) channel data

In EchoWeb, there was a longstand process of moving certain transaction figures to “Private Client (reallocated)” as a way to represent channel figures better. However during requirement scoping for FundAnalyser we discovered the process has been using flawed and out-of-date logic and the Investment Association has since decided to remove the feature in FundAnalyser.

Various

Industry Report

Small

Duplicate funds

Duplicate funds have sometimes been created on Echo in error. Whilst usually the static data is corrected on Echo, the dynamic data often is not corrected, resulting in duplication of data.