Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, has today announced that State Super Financial Services (SSFS), one of Australia's leading financial planning and administration organisations, has selected Milestone's pControl® funds platform.
The technology will enhance oversight of externally serviced NAV and unit price calculations, as well as undertaking accurate in house calculation of investment option prices. pControl will also deliver automation of daily tax liabilities and reporting.
With more than $9.5 billion funds under administration, SSFS is a significant player in the rapidly growing financial advice industry. John Clark, Chief Financial Officer of SSFS said, "Our objective was to meet the challenge of positioning ourselves to deal with upcoming FoFA requirements, while simultaneously strengthening our internal operational capabilities and oversight of our service partners."
SFSS will also use pControl to automate its tax calculations, according to Mark Neary, Managing Director, client relationships & business development, APAC. "The perception has always been that tax calculations are difficult to automate, which is why many organisations continue to use dedicated spreadsheets. These often lack the control and automation characteristics now demanded by the market," continued Neary. "By contrast, pControl's tax and accounting capabilities draw on proven funds technology and provide a seamless and integrated system for automating tax expense calculations."
The approach also allows SSFS to maintain independent oversight of its external service provider using pControl's Fund Oversight functionality, while leveraging the same funds platform to undertake related fund processing activities which are undertaken in house under their operating model. "This is consistent with our global commitment of delivering operational efficiency and control irrespective of operational profile," added Neary,