Prime Fund Solutions (PFS), formerly the alternative fund servicing division of Fortis Bank which has announced plans to change parentage to Credit Suisse, has selected SunGard's Investran to manage third-party administration services for its private equity and real estate clients.
Investran is an integrated solution that supports the investment lifecycle, from fundraising through reporting and portfolio monitoring, by automating front-, middle- and back-office processes for private equity and alternative investment firms. PFS will work with Investran's local support team in Asia Pacific for the initial rollout in PFS' Hong Kong office. PFS will expand its use of Investran over the coming months to its other offices around the globe.
PFS' accounting, investor servicing and client services teams will use Investran to process high-volume accounting, reporting and investor relations for private equity and real estate funds. Investran will replace PFS' existing systems to provide integrated functionality and streamlined workflows to improve efficiencies in fund administration processes, and help reduce operational risk though enhanced transparency and availability of data.
"When we commenced our search for a solution to help us further develop our global private equity administration business, of paramount importance was choosing a system that was scalable enough to meet our significant rate of growth, was able to keep pace with the existing and future demands of our sophisticated and industry leading client base, and had abundant local support to help us guarantee a robust and cutting edge service," said Gordon Shaw, global head of administration, banking and custody, Prime Fund Solutions.
Due to the considerable demand for private equity services arising from the developing economies of Asia, the PFS development project was spearheaded within PFS' Asia regional operations. "The Investran team, both globally and locally in Asia Pacific, has shown tremendous commitment to our business. We believe the combination of the PFS expertise with the Investran solution will provide us with a highly reliable system, with the data integrity and transparency to offer our customers a variety of value added services. This competiitive advantage will allow us to capitalize on the growth we are witnessing in Asia, and also within our other global locations," said Dan Synk, head of operations, Prime Fund Solutions - Asia.
Lauren Iaslovits, chief operating officer of SunGard's Investran business, said, "PFS joins a number of fund administrators globally looking to SunGard's Investran to help manage their fund administration infrastructure. With the growth in alternatives and complexity in managing various investment structures, fund administrators need solutions that are flexible enough to both support their current investments and facilitate growth into other strategies. Investran, as a customizable solution, has flexibility coupled with broad investment coverage to scale regardless of what investment strategies our customers wish to explore."