Hermes Investment Management has selected fintech company Red Deer’s solution in order for the asset manager to adapt to the upcoming Markets in Financial Instruments Directive (MiFID).

The research valuation management solution chosen by Hermes on Friday paves the way for the company to manage its consumption valuation and budgeting requirements after MIFID II comes into force early January next year.

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Hermes currently oversees $30bn of assets under management (AUM).

Hermes head of investment Eoin Murray said that the purchase will “enable us to track and understand interactions in-house, improving accuracy without additional cost or interruption to our business.”

“Red Deer’s solutions for consumption monitoring and payments, coupled with its data insight and analytical capabilities, mean that we can streamline compliance whilst maximising our investors’ value from research.”

The research solution captures the research consumption across all channels, chat and voice, email, among others. This will help buy-side firms know the correct worth of their research.

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Red Deer’s Outlook Plugin and mobile application mean that Hermes will be able to adapt to Mifid quickly, without disruption its investment services.

“Our flexible, integrated and non-intrusive front-office approach to managing inducement, consumption and valuation will assist Hermes in gaining a greater understanding of the value and the cost of its research, while at the same time streamlining MiFID II research compliance across the firm,” said Red Deer CEO Luke Oubridge.