Duco partners with Phoenix Group to modernise reconciliations

December 19, 2025

Duco, a London-headquartered SaaS provider specialising in AI-powered operational data automation, has entered into a strategic partnership with Phoenix Group as the UK savings and retirement giant looks to modernise its data reconciliation capabilities across asset management.

At the centre of the initiative is the creation of a unified, cloud-based reconciliation environment that will bring together investment and accounting records across more than 20 administrators and a wide range of asset classes.

By consolidating these workflows into a single platform, Phoenix aims to strengthen operational controls, reduce the burden of manual processes and give its teams clearer ownership over day-to-day reconciliation activities.

Philip Shaw, Asset Management COO of Phoenix Group, said: “Bringing our reconciliation infrastructure to the cloud is a key part of our operational strategy. With Duco, we can manage change more quickly, reduce reliance on IT support, and establish a consistent model for how data is reconciled across the business.

“The relationship with Duco has been open and collaborative from the start. We value the team’s understanding of our environment and their commitment to helping us build a system that supports future growth.”

The first phase of the project will focus on automating reconciliations between Investment Book of Record (IBOR) and Accounting Book of Record (ABOR) data. This step is designed to ensure consistent, auditable controls while supporting alignment with European Market Infrastructure Regulation (EMIR) requirements.

Michael Chin, Chief Executive Officer of Duco, said, “Phoenix Group represents the kind of institution Duco was made for: complex operations, multiple data sources, and a clear drive for efficiency and control. We’re delighted to support them in building a reconciliation platform that’s fit for the next decade.”

Duco positions its platform as a way for financial services firms to break what it describes as the industry’s long-standing “bad data cycle”. Its technology combines proprietary matching techniques, cloud computing, no-code configuration and artificial intelligence to automate reconciliation and data controls across disparate systems, formats and data structures.