Wealth management software specialist DST Systems has secured Australian fund administrator FundBPO as the first user of its new transfer agency solution for a five-year contract.
FundBPO will leverage the transfer agency platform for its enterprise workflow by combining its business process management platform with pre-configured global best practice transfer agency processes.
The solution will initially be rolled out across FundBPO’s Australian transfer agency operations for its global clients, including Equity Trustees, Grant Samuel Funds Management, SG Hiscock & Company and Smarter Money Investments.
The new contract represents an expansion of the firms’ existing relationship, which already involves FundBPO’s use of DTS’s HiTrust software.
FundBPO currently works with more than 370 funds in Australia, and 602 globally.
In a statement on the partnership, FundBPO said it will extend AWD’s workflow capability to its other geographies and business units.
FundBPO is part of Mainstream Group, which also has operations in Singapore, Hong Kong, the US, Cayman Islands, Isle of Man and Malta.
Martin Smith, CEO at FundBPO, said “FundBPO is experiencing strong growth in our Australian business and we are committed to investing in technology that gives our clients better management of the risks associated with processing managed fund transactions, enquiries and correspondence.”
“This solution will allow us to implement global best practice processes while driving significant efficiency gains across our business. We will be able to run a paperless unit registry business with real-time service level reporting, client interaction and management of a fund’s transaction lifecycles.”
“To quantify this, the more than 9,000 faxes, letters and emails we receive from investors each month will be integrated and indexed in AWD, improving turnaround times and increasing transparency and process controls for our clients.”
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