Over half of asset managers are unsure of the accuracy of their reported performance figures, according to investment management services provider SimCorp.

A survey by the firm found that 53% of 88 asset managers, representing 22.5trn AuM, asked were not confident that the investment performance figures they report are completely accurate.

Marc Mallett, vice president of product and managed services at SimCorp North America emphasised that there is a "critical need" for asset managers to have access to real-time and accurate performance data. He said that the survey showed a significant gap between the tools asset managers have available and what they require to make high-quality investment decisions.

"The investment process should be seen as an opportunity - the differentiator which enables your firm to add value for your clients. If performance data is not up-to-date, there is an inability to see what's actually driving the performance. This casts a large doubt on the accurate tracking of investments which does not inspire investor confidence," said Mallett. 

This lack of confidence in reporting can be attributed to lack of intra-day position calculations and an inability to see factors impacting portfolio performance according to further information in the survey.

Most (80%) respondents confirmed that portfolio managers do not receive investment performance numbers based on intra-day position calculations. Around a third (31%) said they are not able to look through to see the trades, prices, FX rates and classifications that are driving each portfolio's performance numbers. 

SimCorp said that ultimately poor reporting could put firms at a competitive disadvantage. It stated that without accurate and timely information, asset managers may misreport performance data to investors and regulators or make ill-informed trading decisions.