DST International, a leader in business solutions for the financial services industry, says that Riyad Bank will equip its full Asset Management Department with an end-to-end integrated solution suite for the front, middle and back office with DSTi’s HiPortfolio/3, HiTrust and HiWealth solutions.
The new environment will be implemented in 2 phases. HiPortfolio/3 and Hi/Trust go live in phase one. The HiTrust functionality, specifically aimed at the distribution of funds, will be accessible through the Riyad Bank intranet and used by some 300 bank branches in Saudi Arabia. The new environment will facilitate full straight through processing and cater for the various needs of the asset management front office, risk management and investment operation.
“The investment industry in the Middle Eastern region is rapidly developing and we are determined to enable our clients to benefit from this momentum by putting a highly sophisticated process and systems environment in place,” says Mr. Adbul Aziz S. Al-Malki, EVP Treasury and Investment at Riyad Bank. “DSTi clearly offered the widest range and depth of functionality in an integrated solution of the short-listed vendors. We were also keen to implement this project with DSTi for they have a long track record and stake in this industry.”
“DSTi has worked with Riyad Bank since the early nineties and we are delighted with their decision to sign for DSTi’s fully integrated solution across their mutual fund and private client fund management operations,” says Mike Winn, DSTi’s CEO. “DSTi’s solution will allow Riyad Bank complete control of their automated mutual fund distribution and unit registry, enabling them to derive maximum operational efficiency. By choosing DSTi’s solution for the Asset Management Application Project, Riyad Bank shows an appreciation of DSTi’s commitment to the Middle Eastern market. We look forward to building on the strong relationship we already have with them.”