Australian fund administrator FundBPO has purchased licenses to use Pacific Fund Systems’s PFS-PAXUS fund accounting and administrative software for its Singapore and Hong Kong fund services business.
With a one-off capital cost of 400,000 Australian dollars (£197,573), use of the software is expected to improve FundBPO’s international cost structure on new business by 6 to 8 percent per annum.
According to FundBPO, the selection was based on the range of functionalities and integration that PFS-PAXUS offers.
The administrator will use the software for its hedge fund services as it expands its presence outside of Australia, and in plans for further international expansion.
FundBPO acts as administrator to 322 funds in the Asia Pacific region, and has around 59 billion AUD (£29.1 billion) in funds under administration.
CEO of FundBPO Martin Smith commented: “Following assessment and review of our existing arrangement with Pacific Fund Systems we have decided to expand our relationship. Under this new contract we are confident their software will allow us to remain competitive on new business and support the expected growth of our hedge fund business in Asia and other regions under evaluation.”
As part of the new contract FundBPO will also roll out a new web portal offering online reporting and web transaction service, PFS CONNECT, and it will also start offering remote access to certain clients.
