China Life Asset Management Corporation (CLAMC) has today announced the successful implementation of DST International's (DSTi's) HiPortfolio/3 investment accounting solution.
CLAMC is one of the largest institutional investors in China, with over 1.1 Trillion RMB (over $160 Billion USD) assets under management. With over 200 portfolios and accounts, the implementation project involved DSTi's local and international team working very closely with a range of departments from within CLAMC. This project was also one of the most ambitious investment back office migration projects of its kind in China, handling complex valuation methodologies which are specific to the China market, particularly in the area of fixed interest.
HiPortfolio/3 has helped CLAMC to automate many of its previously manual processes. Operational productivity and efficiency have increased, with accountants now handling four times as many portfolios. HiPortfolio/3 will also help managers to more effectively monitor their portfolios, with full transaction records covering transactions executed on the stock exchanges and OTC markets, as well as cash movements within portfolios. In addition, HiPortfolio/3's flexible portfolio structure means that CLAMC is now able to divide assets for accounting purposes, and quickly produce on demand reports as required.
HiPortfolio/3 stores detailed transaction activity for every trade, so CLAMC now has the necessary foundation in place that will allow it to implement sophisticated performance reporting. DSTi's HiPortfolio/3 is designed to integrate with DSTi's Performance Solution, which can provide fund managers with exceptional scalability and efficiency while delivering a broad range of performance analytics.
This implementation was a significant undertaking for CLAMC and DSTi. Considering the requirements for both Chinese and international accounting policies as well as the important foundation for further growth, CLAMC finally chose the HiPortfolio system after extensive research and demonstration. The complete back office functionality of HiPortfolio/3 is a significant step up from their previous system. Cystem. CLAMC attach great importance to the construction of its information systems, which shows foresight. These advanced international systems provide a solid foundation for CLAMC's further growth.
In Beijing for the completion of the project, Mr. Tom Abraham, CEO of DSTi, said, "DSTi is delighted to be working with a market leader like CLAMC. I congratulate CLAMC and our project team on this successful implementation, as we expand our presence in the Chinese market. This project was our biggest and most complex thus far in China, and I'm happy to be here in China for its successful completion. I look forward working closely with China Life on our other future projects."