DST International (DSTi) says HBOS Financial Services (HBOS) – the UK’s largest mortgage and savings provider and major force in debit and credit cards has selected HiPortfolio/3, HiWay and HiMarketData for use across all of its insurance companies. The solution will be used for fund accounting and reporting, reconciliation, and financial accounting, and regulatory and tax reporting.
“We chose HiPortfolio/3, HiWay and HiMarketData because we believe it will minimise risk and operational costs,” says David Morgan, HBOS’s business manager for its asset management project. “We will consolidate our IT infrastructure from multiple systems into HiPortfolio/3. HiPortfolio/3 will address the accounting and reporting requirements of all of our investment savings products that include; OEICS, with Profit/Non-Profit, Life and Pension funds. HiWay will help us link the solution to other companies within the group. HiMarketData will validate and verify external price data before it reaches HiPortfolio/3.”
Mike Winn, DSTi’s CEO, says the sale demonstrates the versatility of HiPortfolio/3. “Many of our recent sales have been to Third Party Administrators who will use the product to handle multiple clients’ requirements,” he says. “The sale to HBOS confirms HiPortfolio/3’s leadership position amongst those companies that choose to keep their own back office in-house. HBOS can also add other DSTi products, such as HiWay and HiMarketData to help streamline their operations. As David Morgan of HBOS says, ‘This minimizes risk and operational cost’. What more can you want?!”
Users will be based in several locations around the K, including Aylesbury, Bristol and Leeds. The system may later be extended to the Isle of Man and Luxembourg.