Australian fund administrator FundBPO – part of the MainstreamBPO group – has appointed wealth management software specialist DST Systems to implement the company’s enterprise workflow solution via a five year license agreement.
FundBPO is the first business around the globe to take up DST’s new Transfer Agency (TA) solution, which combines the company’s business process management platform AWD with pre-configured global best practice TA processes developed from DST’s own business process outsourcing operations for managing TA transactions.
The solution will initially be rolled out across FundBPO’s Australian TA operations to bring global best practices to clients including Equity Trustees, Grant Samuel Funds Management, SG Hiscock & Company and Smarter Money Investments.
Martin Smith (pictured), chief executive officer, FundBPO, says: “FundBPO is experiencing strong growth in our Australian business and we are committed to investing in technology that gives our clients better management of the risks associated with processing managed fund transactions, enquiries and correspondence.”
FundBPO is a service provider to more than 370 funds in Australia, and 602 globally, administering more than AUD100 billion of funds. Within the domestic fund administration market FundBPO provides all outsourced services required of an Australian fund manager.
“This solution will allow us to implement global best practice processes while driving significant efficiency gains across our business. We will be able to run a paperless unit registry business with real-time service level reporting, client interaction and management of a fund’s transaction life cycles. To quantify this, the 9,000+ faxes, letters and emails we receive from investors each month will be integrated and indexed in AWD, improving turnaround times and increasing transparency and process controls for our clients,” says Smith.
Over time FundBPO will look at extending AWD’s workflow capability to its other geographies and business units, given AWD’s potential application to follow-the-sun processing, unit price and distribution sign-offs and financial statement preparation.
FundBPO has a long-standing relationship with DST through the use of their HiTrust software for its Australian TA business. The group also has operations in Singapore, Hong Kong, the US, Cayman Islands, Isle of Man and Malta.
