DST Global Solutions, a leading global provider of software technology and services to the investment management industry, today announced that FNB Custody and Trustee Services, part of one of the largest financial institutions in South Africa, has gone live with its HiPortfolio solution for investment accounting and asset servicing.
The solution has resulted in improved controls and streamlined processes and enables FNB Custody and Trustee Services to meet increasing regulatory demands. Specific benefits include consolidated asset recording, generation of reports for the investment compliance system and scrip reconciliation within the same system.
FNB Custody and Trustee Services, part of First National Bank, previously used an in-house hybrid system to manage the accounting for its Trustee offering. With the demands of 2002's South African Collective Investment Schemes Act causing a strain on these systems, FNB Custody and Trustee Services decided to implement DST's HiPortfolio, following a competitive tender process. Since going live, HiPortfolio has provided FNB Custody and Trustee Services with full investment accounting capabilities, and are experiencing benefits including data consolidation, higher-speed report generation, accurate income collection and improved controls with regard to outputs within the required deadlines.
Nelia de Beer, Head of Trustee Services at FNB Custody and Trustee Services said: "HiPortfolio has allowed us to significantly expand our reporting and reconciliation capabilities. This robust investment administration and accounting compliance solution has resulted in improved operational control and efficiency. This will allow FNB Custody and Trustee Services to add further value to existing and potential clients - both locally and internationally."
Arun Sarwal, CEO of DST Global Solutions Investment Management division said: "We are delighted that FNB Custody and Trustee Services chose to implement HiPortfolio. As regulators across the globe continue to push for more reporting and proof of compliance, increasing numbers of fund managers are moving to replace their manually intensive processes with dedicated fund accounting solutions. HiPortfolio's proven, resilient technology allows asset managers to streamline their back office activities and lower operational costs."