DST International (DSTi) says National Custodian Services (NCS), the Melbourne-based custody and third party fund administration arm of the National Australia Bank, is upgrading its fund processing platform to the HiPortfolio/3 fund accounting application.
DSTi says the conversion to HiPortfolio/3 will provide increased access to data, improved internal and external integration, and potential for enhanced on-line client reporting.
“Servicing a client base of over 300, representing $350 billion in assets under custody and administration requires a serious commitment to advanced technologies, such as HiPortfolio/3,” says Peter Kempster, National Custodian Services’ general manager.
Kempster adds that the investment in HiPortfolio/3 demonstrates the commitment of NCS to the Australian custody, master custody and investment administration markets. “This matches our commitment to staying ahead of our competitors and is a key component of our strategy of providing the best service to the Australian marketplace.”
Ian Mathieson, CEO of DSTi in New Zealand and Australia – where the original system was first created – says NCS is a longstanding user of HiPortfolio. “The robustness of HiPortfolio has allowed it to provide an expansion path for NCS as they have developed the widest selection of products and services for the third party market in Australia. We are truly delighted in continuing to assist them in the ongoing success and expansion of their business,” he says. “There are a number of investment organisations still considering whether to continue with an in-house technology strategy for portfolio administration and fund accounting or do as many have already done and outsource their back office functions. With NCS now adopting the latest version of the industry standard HiPortfolio platform this may now make the outsourcing decision a little easier for some fund managers.”
Firms to have upgraded recently to HiPortfolio/3 include Perennial Investment Partners, Australia; Bank Thai in Thailand; Trustees Executors in New Zealand; Fiji National Provident Fund and The Reserve Bank of Fiji; JPMorgan Investor Services and MedInvest in South Africa; Asset & Resource Management Company in Nigeria; Cavendish Asset Management and Daiwa SB Investments in the United Kingdom as well as Daiwa SB
Investments (HK) Ltd.