Brown Brothers Harriman & Co. announced today the successful implementation of the Eagle STAR multi-currency global investment accounting system.
"In this dynamic industry, legacy accounting systems are ill-equipped to handle the increasingly complex instruments being used by investment managers. This was the catalyst behind BBH identifying the potential of the Eagle system many years ago and for us to take an active role in the design, development and testing of its fund accounting capability," said Digger Donahue, BBH Partner and Global Head of Investor Services.
BBH has a unique collaborative relationship with Eagle Investment Systems ("Eagle"). The successful development of the fund accounting system is attributable to the teamwork of technologists and business analysts across the two organizations.
"BBH is proud to be the first global custodian to use the Eagle STAR fund accounting system. We believe that the work we have done with Eagle gives BBH an important advantage in helping our clients with their most challenging accounting mandates," added Donahue.
David Palten, President and CEO of Eagle said, "Eagle is fortunate to have the opportunity to work with a firm such as BBH. Collaborating with an industry insider like BBH enables us to more rapidly develop solutions for a growing market and ensure functional capabilities to meet market needs. We will continue to work with BBH to deliver enhancements to the system which meet the sophisticated fund accounting requirements of the asset management community."
BBH is using the Eagle STAR system to support its global business across all asset classes and instrument types. The system provides integrated reporting via BBH’s single web-based portal, BBH WorldView, alongside its other administration and custody products. "The software is in full production at BBH. We are running successfully on the platform, delivering net asset valuations and reporting to clients and pricing services including NASDAQ and other exchange and print media daily," said Geoff Cook, BBH Managing Director and Global Head of Fund Administration. "New clients are being added directly onto the system and we are in the process of migrating our existing clients."
Tim Connelly, BBH Partner and Head of Investor Services Americas added, "In addition to receiving the benefits of Eagle's comprehensive reporting, increased STP, and efficiencies associated with fund valuation, our clients also benefit from BBH's substantial investment in the professionals supporting this specialized service. We believe that BBH has a competitive advantage in its ability to meet the current and future fund accounting and administration demands of our clients."