Prudential has selected Milestone Group's specialist fund processing platform, pControl, as it drives improved risk management within aspects of its Unit Linked Fund administration processes.
Milestone Group will work with Prudential to implement pControl which will cover cash allocation and rebalancing, unitised order management and some fund oversight.
Prudential, commented: "Deploying this specialised software will help us deal with some of the challenges that many providers face. It will introduce a number of automated checks that give us greater reassurance that our processes work."
pControl's flexibility was a key factor in Prudential's decision, not only does it enable support for Prudential's current operating model, but will also be able to accommodate any future changes in response to evolving levels of maturity for third party services.
Paul Roberts, Managing Director of Milestone Group EMEA added, "Organisations are increasingly turning to hybrid business models to maximise efficiency while meeting their broader business objectives. pControl is ideally suited to hybrid and more dynamic operating models spanning and unifying in-house and outsourced functions. pControl can do this by automating internal middle and back office functions while ensuring that the oversight of outsourced functions is watertight, but not resource-intensive. In this way, pControl allows firms to unlock the opportunities presented by their business models."
With this announcement, Milestone Group further expands its presence in the life company space, which has seen strong, sustained growth over the last 12 months.