Bonaire Software Solutions, a leading provider of financial services software solutions to investment managers, fund administrators, mutual funds, wealth managers, broker dealers and RIAs, announced that it's Revport Revenue Management and Fee Billing application has been selected by Standard Life Investments.
Headquartered in Edinburgh, UK, Standard Life Investments chose Bonaire after carrying out a rigorous, business-driven, tender-based selection process. Standard Life Investments' acquisition of REVPORTTM will deliver tangible business benefits, including:-
- Lower operating costs and improved efficiency through the replacement of manually intensive spreadsheet-based processes
- Automation of existing manually-based performance fee calculations
- Provision of a scalable platform that will underpin planned business growth without a commensurate increase in operating costs
- Centralisation of revenue data to improve management information
- Provide the foundation for comprehensive revenue modelling, forecasting and analysis
REVPORTTM software automates the calculation of fees for the client billing and invoicing process. Bonaire's clients are able to calculate any type of fee for revenue streams, as well as fees and disbursements associated with accounts and portfolios. REVPORTTM takes in a data feed from the client's upstream portfolio management platforms, undertakes complex rules-based calculations and then posts the fee and accruals to the general ledger, while automatically generating invoices.
"Standard Life Investments is committed to continually improving its processes and procedures. We believe that the adoption of Bonaire's revenue management suite will help us in achieving this" said Sean Fitzgerald, Financial Controller.
Gary Watts, UK MD of Bonaire, said "Undoubtedly, 2009 has been a testing time for the investment management industry and those who serve it. Despite this challenging back-drop, Bonaire has continued to invest heavily in enhancing its solutions and delivering upon our product vision. This bold strategy has been rewarded with another strong year on the sales front and the Standard Life Investments' decision is further evidence of Bonaire's ability to differentiataate itself in a very competitive market".