FNB Custody and Trustee Services, part of First National Bank in South Africa, has gone live with DST Global Solutions HiPortfolio solution for investment accounting and asset servicing.
The implementation of the system follows 2002s South African Collective Investment Schemes Act, which led to increased regulatory pressure on in-house systems, including FNBs hybrid system to manage the accounting for its trustee offering. FNB Custody and Trustee Services decided to implement DSTs HiPortfolio, following a competitive tender process. Services provided by HiPortfolio include data consolidation, higher-speed report generation, 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. HiPortfolios proven, resilient technology allows asset managers to streamline their back office activities and lower operational costs.
(JDC)