Industrial Thought launches new subsidiary Raw Knowledge

Financial services group Industrial Thought has launched a new subsidiary, Raw Knowledge, which will specialise in Excess Reportable Income (ERI) data provision and consultancy.

Raw Knowledge aims to address significant challenges faced by investors in reporting offshore investment activities. The subsidiary offers an extensive ERI data service alongside expert consultancy for various financial instruments, including offshore funds, fixed income, and investment trusts.

The company prides itself on providing the most comprehensive and accurate ERI data, simplifying the process of determining a client's tax liabilities and ensuring accurate reporting to HMRC. The creation of Raw Knowledge marks an important step in assisting firms with the complex task of gathering offshore funds data, potentially enhancing customer decision-making in the financial services sector.

Raw Knowledge's team is praised for their established track record, having contributed to Financial Software Ltd (FSL)'s ERI solution. This experience was integral as part of FSL's capital gains tax software, CGiX. With growth in their customer base and service capabilities, Industrial Thought decided to establish Raw Knowledge as an independent entity, allowing both companies to further evolve their products and services. Both Raw Knowledge and FSL remain subsidiaries under the Industrial Thought umbrella.

Preya Patel, Managing Director of Raw Knowledge, commented on the launch: "With each of our offerings, Raw Knowledge helps reduce firm's operational costs, minimise their risk and keep their clients happy. We are extremely proud of how our team and its capabilities have evolved so far, and we look forward to exploring new ways to lead data innovation, which will be crucial for the future of financial services."

Mike Baker, Managing Director of Industrial Thought Group, also shared insights about the company's goals: "This new structure enables Raw Knowledge to support its current customer base while investigating new avenues and markets. It is an exciting time for the team, and we will be collaborating with them closely to develop pioneering solutions for the financial services industry that unlock the full power of financial data. By doing so, we hope to help the industry become more agile, insightful and open."

Industrial Thought is focused on combining expertise and innovation within its ecosystem, a commitment that has led to several partnerships creating integrated products and services for the wealth management industry.