Eagle Investment Systems, a leading provider of financial services technology and a subsidiary of The Bank of New York Mellon, has been selected by Prescient to deliver its integrated investment management suite via its application service provider (ASP), Eagle ACCESS.
Prescient, with R60 billion under management in South Africa, selected the Eagle suite to streamline its growing local and global operations. Eagle will assist Prescient to meet increasing client reporting requirements and provide access to data in an efficient and effective manner. The implementation is scheduled to begin during the summer.
"Over the past several years, Prescient's business has expanded both locally and globally, and the management of investment data, accounting and performance has become a more complicated process. In addition there has been a noticeable increase in client requirements for data and more sophisticated reporting. We concluded that it was time to enhance our back office to support both our growth objectives and client needs," said Carey Millerd, Prescient's chief executive officer. "During our search, it quickly became apparent that Eagle's fully integrated technology combined with its mature and proven hosted service was the ideal solution for Prescient to meet market needs for daily reporting and continued business expansion."
Initially interested in Eagle's investment accounting functionality and mutual fund accounting capabilities, Prescient recognized the efficiencies offered by Eagle's solutions for data management and performance measurement and opted to license the entire suite. Prescient is expecting to increase productivity by redirecting internal resources as a result of using Eagle's ASP, Eagle ACCESS. The firm selected the hosted service to leverage Eagle's rich functionality, 24x7 support and scalability provided by the offering.
John Legrand, managing director of Eagle's European, Middle Eastern and African operations said: "Eagle continues to attract leading, forward thinking financial institutions such as Prescient from across the globe with its robust technology and services. Our focus and commitment to excellence means interest in our data management, investment accounting and performance measurement solutions continues to grow in South Africa and other markets worldwide."
"Eagle ACCESS is the fruit of over twenty years of investment by our company in hosted and outsourced services, and market indicators show we can expect to see yet more momentum in this area," Legrand continued.