Source: DST International
KAF Group has today announced that, following a market review, its Trustee unit will be adopting DST International's fund accounting solution HiPortfolio/3 to support its new fund administration business.
One of the key considerations for the choice of HiPortfolio/3 was the long standing relationship that KAF Fund Management Sdn Bhd (KFMSB), another business unit of the KAF Group, has with DSTi and HiPortfolio.
KAF Trustee's fund administration business was launched following changes by the Securities Commission that now permit market intermediaries to outsource their back office functions. The back office processing service offered by KAF Trustee will enable fund managers to reduce their administrative burden and operate in a cost effective manner. As a result of this, sister company KFMSB will also be outsourcing its back office to KAF Trustee and has chosen HiPortfolio/3 to help KFMSB in the transition from an in-house to an outsourced solution.
Thariq Usman Ahmad, KFMSB's CEO, said, "HiPortfolio has been proven to support our requirements as evidenced by our continuing use of the system for a number of years. We see HiPortfolio/3 as an international product with comprehensive features that will allow the KAF Group to be able to grow with the system. This is an important consideration as the Group extends its fund administration service offerings in the future."
Rhonda Lepsch, DSTi's Asia CEO, said, "KAF Trustee joins a growing list of fund administrators and asset managers who have opted for HiPortfolio/3 because of its robust functionality and advanced technology. HiPortfolio has been in use by clients in Malaysia for over 8 years and KAF Fund Management is one of our long standing customers here. We are extremely pleased to extend the working relationship to include another KAF unit."