International Private Banking Systems (IPBS), the specialist provider of wealth management software for the private banking sector, today announced that Genesis Fund Services Limited, a leading Bahamas-based fund administrator has selected the IPBS/Business Manager, IPBS/Mutual Funds and IPBS/Share Registry modules.
Genesis has already completed the migration of 95% of its funds onto the IPBS platform.
Antoine Bastian, Managing Director, Genesis Fund Services Limited said, "We turned to the IPBS system so that we could continue to offer competitive services to our clients. The IPBS modules allow us to manage fund accounting and shareholder registry services along with clients and related parties from a Know Your Customer (KYC) and Anti-money Laundering (AML) viewpoint. It ensures that we are able to mitigate any operational risks that we may face."
Genesis provides boutique administrative services to hedge fund managers, commodity pool operators, family offices, banks and trust companies, and high net worth individuals from within The Bahamas. The company has a proven reputation for consistent high performance and value-driven financial services.
Genesis has selected the IPBS/Business Manager IPBS/Mutual Funds and IPBS/Share Registry modules as well as the e-Banking platform from IPBS. The system will automate all back office processes that were previously carried out by various software vendors, thus streamlining the back office process and reducing the risk of error. The IPBS system incorporates the funds share register as an integral part of the funds accounting records, making the Net Asset Valuation (NAV) calculation available at the click of a button.
As IPBS uses a single entry accounting system, transactions posted in one module that affect records in another are automatically updated and reflected in all other modules. An important feature of IPBS/Share Registry is the ability to consolidate, in a portfolio or funds view, all of a shareholders holdings in any number of funds and/or fund classes. Equally importantly on the fund accounting side is the facility to roll up the accounting records of any number or fund classes and/or series into a single master fund view.
Antoine Bastian concluded, "The IPBS system is able to meet to meet the very broad range of requirements we have for our business and importantly, is competitively priced. It is also important to us that we have a local supplier, someone who is close at hand to support us going forward. The team at IPBS have provided us with excellent service and we are confident that our goals of achieving industry best practice and regulatory compliance are going to be achieved."
Bruce Raine, Founder and President of IPBS said, "The Bahamas continues to be a favourable investment environment and more fund managers are looking to Genesis for fund administration services. By investing in a modern integrated technology platform to support their operations, Genesis will benefit from improved customer service and lower operational risk whilst ensuring compliance mandates are met."