Source: Milestone Group
Milestone Group today announces that Skandia, the largest platform operator in the UK with £34 billion of platform assets under management, has commenced implementation of Milestone Group‟s pControl Funds Processing solution. This will enable Skandia to further enhance its high levels of service to customers and financial advisers.
Skandia‟s platform enables people to build investment portfolios that are aligned with the level of risk they are comfortable with. The investor can then work with their financial adviser to manage these portfolios over time to ensure they remain in line with their personal objectives and are as tax efficient as possible.
Using Milestone Group‟s pControl Funds Processing, Skandia will simplify and consolidate multiple technologies supporting core business functions across the group.
"We undertook a thorough review of business needs across functions normally requiring multiple solutions. We then stress tested these against likely future requirements for our Investment Platform and found that Milestone Group‟s pControl was up to every test." said Peter Fleming, Skandia UK‟s Head of Investment Administration. "We believe that the pControl approach offers the most advanced „built for purpose‟ funds processing solution in the market. It allows Skandia to position itself to respond efficiently to product innovation and future business requirements within a strategic platform."
Skandia will initially utilise pControl to undertake a number of key functions, including fee and rebate management, income distribution and reconciliations. pControl can then be used to fully automate cash allocation and rebalancing across any fund structure, manage unitised dealing, box management, unit linked pricing and detailed price movement analysis.
Chief Executive of Milestone Group, Geoff Hodge said "We are delighted to welcome Skandia as a client. pControl will allow Skandia to achieve a robust and cost effective outcome that simplifies and consolidates multiple functions to support a variety of operating models as their business evolves."
The pControl solution will allow Skandia to move to an integrated financial application platform that provides a scalable and extensible architecture with full transparency and market leading process control.ntrol.ntrol.
Hodge added, "One of the attractions of pControl is the encapsulation of core manufacturing principles‟ to provide a higher degree of certainty in terms of project cost and timeline, as well as delivering immediate business benefit and a lower long term total cost of ownership. We look forward to working with Skandia to further demonstrate the benefits of this „production management‟ approach in the European market."