DST Global Solutions has announced that First National Bank (FNB) Custody and Trustee Services has gone live with its HiPortfolio solution for investment accounting and asset servicing, scrapping its in-house system.
The solution enables FNB Custody and Trustee Services to meet increasing regulatory demands including consolidated asset recording, generation of reports for the investment compliance system and scrip reconciliation within the same system.
With the demands of 2002’s South African Collective Investment Schemes Act causing a strain on the South African bank's systems, FNB Custody and Trustee Services decided to implement DST’s HiPortfolio, following a competitive tender process.
Arun Sarwal, CEO of DST Global Solutions Investment Management division said, “As regulators across the globe continue to push for more reporting and proof of compliance, increasing numbers of fund managers are moving to replace their manually intensive processes with dedicated fund accounting solutions. HiPortfolio’s proven, resilient technology allows asset managers to streamline their back office activities and lower operational costs.”
