Source: DST International
DST International (DSTi), the leader in business solutions for the investment management and business process management industry today announced that RBC Global Services, a division of Royal Bank of Canada, has selected HiPortfolio's new International Accounting Standards (IAS) modules for its Australian investment management operations.
The modules include the Multi-View Accounting module, Classification of Assets module, Interportfolio Transfers module and the Preference Shares module. Following the implementation of new IAS effective 1 January 2005, the modules will assist RBC Global Services with the new dual accounting and reporting requirements, as well as further management of share portfolios for its customers.
Built in DSTi's Melbourne Research & Development Centre with input from DSTi's clients around the globe, the RBC Global Services implementation is a first for Australia. The development was fully funded by DST International.
As a result of the implementation of the IAS modules, RBC Global Services will be well prepared to support its clients with their global accounting and reporting needs. The HiPortfolio IAS modules will assist RBC Global Services in replicating current records into the new Standards format and introducing new levels of functionality for share transfers and additional calculations.
According to Ian Mathieson, DSTi's Australia and New Zealand CEO, "RBC Global Services has continued to adopt DSTi's advanced HiPortfolio solutions into its business offering as they are a strong contributor to RBC's technology innovation. A benefit for implementing the DSTi International Accounting Standards modules is that they are available now and can be implemented with minimum future disruption."
"This will see RBC Global Services fully set up for the introduction of new International Accounting Standards for business next year. Further, with new enhancements it will provide greater flexibility in processing shares within portfolios, allowing for different accounting methods to be applied if need be and more intricate calculation and processing of preference shares," said Mathieson.
RBC Global Services currently uses DSTi's world class portfolio management system, HiPortfolio, and business process management system, HiBPM.