Prudential Portfolio Managers (Prudential), a leading South African investment management firm, has selected SunGard's Asset Arena solution to help automate its bank cash and scrip reconciliations.
Asset Arena Reconciliation will deliver business process management capabilities and help Prudential to reduce operational risk exposure through the early identification and pre-settlement resolution of errors. Prudential also intends to expand the solution's use to include intra-departmental system-to-system reconciliations in its finance, back-office and unit trust departments.
Prudential is an existing SunGard customer and already uses Asset Arena Investment Accounting and Asset Arena Performance to help streamline its portfolio administration and generation of investment performance and attribution calculations. Asset Arena Reconciliation will interface with these systems for the confirmation and reconciliation of cash and scrip holdings.
Grant Speirs, financial director at Prudential, commented: "The rapid growth of Prudential's business has meant an increase in account and transaction volumes. Automating our reconciliations will help to free up valuable resources and allow us to focus on critical exceptions - helping to reduce the errors associated with manual processes. The Asset Arena Reconciliation solution has a strong track record, and we're pleased to further extend our relationships with SunGard."
Doug Morgan, president of SunGard's institutional asset management business, said: "Prudential's decision to extend its use of the Asset Arena solution suite is a good demonstration of our ability to help customers achieve greater efficiences by providing multiple solutions in a common framework. Prudential is a valued customer and we are pleased to be able to grow the relationship."