Zurich Financial Services Australia Limited (Zurich Australia), a subsidiary of the Swiss-based worldwide Zurich Financial Services Group has selected Milestone Group's pQuant and pControl platforms to automate a range of middle office functions spanning investment analytics and fund processing.
pQuant will automate performance and attribution reporting including GIPS, while pControl will automate a range of supporting functions including unit pricing and post pricing validations, cash allocation and rebalancing, unitised order management and selected reconciliations.
Zurich employs approximately 60,000 people globally serving customers in more than 170 countries. It is the second largest insurer of global corporate business. Zurich's Australian business operates the core business lines of general insurance, life risk, investment and superannuation solutions under Zurich's global brand and employs approximately 1000 people.
Phil Davies, Milestone Group's Head of Product , said " clients are looking to identify a complete and contemporary solution to their middle office needs, while having confidence that the platform and vendor will be able to respond effectively to future needs. There is a lot of focus on achieving an efficient and cost effective solution that provides a robust operating platform while enhancing business flexibility and agility. "
pControl and pQuant represent a breakthrough in true end to end processing for fund managers, life companies and administrators. In addition to market leading investment analytics, transaction processing, fund accounting and asset servicing capabilities, the platforms incorporate integrated process control and data management capabilities delivering superior operational efficiency and control.
Milestone Group CEO, Geoff Hodge, commented, "We are delighted that Zurich has selected pControl and pQuant to undertake their suite of middle office functions. This exactly matches our aspiration to provide a menu of meaningful and related functionality that reflects the current needs of organisations such as Zurich across multiple product and business streams."
He added, "Milestone Group is seeing increased interest in its integrated business application platform approach by forward looking firms who are striving for increased efficiency and control in the current market, whilst simultaneously positioning themselves for the future."
Milestone Group is increasingly recognised as a provider of choice for fund processing and investment analytics and its pControl and pQuant products are utilised by leading market players in 7 countries across Australasia, South Africa, Europe and North America.