Milestone Group, the specialist provider of optimized fund processing solutions to the global funds industry, has today announced that BMO Financial Group (BMO) has selected its pControl platform to automate the management and control of its NAV production and validation processes as well as distribution processing.
BMO selected pControl's NAV Control solution because of the efficiency and control it brings to NAV production. It eliminates the use of spreadsheets and manual processes in NAV validation and frees up highly-skilled fund accountants to focus on value-add activities. BMO will also benefit from pControl's fully integrated data management, process flows and 'out-of -the-box' market-standard validations.
BMO will also be using pControl's Distribution Processing solution, which automates the capture, calculation, allocation, accrual and settlement of income distributions for individual funds and across complex interfunded investment structures.
"We are committed to excellence in investment fund administration and client service. We believe that pControl will move us forward in our ongoing quest to deliver this," said Steven Hokansson, Vice President, Investment Funds Group, BMO Financial Group. "Throughout our operations we are focused on managing operational risks while improving the efficiency and scalability of our business. Milestone Group's pControl platform provides us with the architecture to innovate and in effect reinvent how fund administration is performed in Canada. pControl's focus on automation of NAV production and related fund accounting operations promises to deliver significant cost efficiency, risk mitigation and operational transparency to BMO."
Geoff Hodge, CEO, Milestone Group, added: "pControl enables users to target specific efficiency, service level and operational risk management enhancements across the fund processing value chain in a highly flexible, scalable and transparent way. It provides true end-to-end automation and can replace daily tasks, checks and controls that would otherwise be performed manually or in a semi-automated way. We welcome the opportunity to work closely with BMO and look forward to supporting its goal of increasing operational efficiency and reducing operational risk in its business."