DST International (DSTi) says PT First State Investments Indonesia (FSII) -a wholly owned subsidiary of First State Investments and the funds management arm of the Commonwealth Bank of Australia (CBA) – has bought Hi Portfolio. The group has US$62.9 billion (A$94.2billion) of funds under management, and is the largest fund manager in Australia.
PT First State Investments Indonesia was awarded its investment manager license by the Indonesian Capital Market Supervisory Agency (BAPEPAM) in December 2003, and was officially launched in February 2004.
DSTi says the key criteria for the selection of an investment accounting system by FSII were a proven capability in the Indonesian market, plus high assurance of fast and successful implementation. “FSII quickly settled on HiPortfolio because of its breadth and depth of functionality and its proven track record in Indonesia, where DSTi has successfully implemented HiPortfolio at more than 10 sites,” explains a STSi spokeswoman. “DSTi’s experience in the local Indonesian market and its partnership approach to implementations were major factors in FSI selecting HiPortfolio.”
DSTI says HiPortfolio was implemented before the official launch date. “As a new player in the Indonesian market, we need to build excellent reputation and ‘Trust’ is basically what we are selling to our clients.
‘Trust’ is also what we demand from our system and its supporting vendor; that is why we rely on DSTi’s HiPortfolio as our main back-office system,” says Legowo Kusumonegoro, First State Investments Indonesia’s president director. “Our shareholders fully supported our proposal to implement HiPortfolio in Jakarta, as most of our offices, specifically in Australia and UK, are also using HiPortfolio.”
Lena Tay, General Manager of DSTi South Asia, added that the deal with FSII confirmed the leadership of Hi Portfolio in the Indonesian market. “We were also very pleased with the smooth nature of the overall implementation, despite the tight deadlines, which underlines the quality of service we are able to deliver to Indonesian companies in general,” she says.