Jakarta â DST International (DSTi) - a leading provider of business
solutions for the investment management industry, announced today that PT
First State Investments Indonesia (FSII) â a wholly owned subsidiary of
First State Investments and the funds management arm of the Commonwealth
Bank of Australia (CBA) has gone live with HiPortfolio. The group has
US$62.9 billion (A$94.2b) funds under management and is the largest fund
manager in Australia.
PT First State Investments Indonesia was awarded its investment manager
licence by the Indonesian Capital Market Supervisory Agency (BAPEPAM) in
December 2003, and was officially launched in February 2004.
From the onset, FSII was determined to quickly put in place a first class
operational infrastructure so as to be ready for the new business expected
with the establishment of the new company. Hence, the key criteria for the
selection of an investment accounting system, which would form the core system of FSII's asset management operation, was a proven capability in the
Indonesian market, plus high assurance of fast and successful
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. In particular,
DSTiâs experience in the local Indonesian market and its partnership
approach to implementations were major factors in FSII selecting
HiPortfolio. Working closely together, FSII and DSTi implemented
HiPortfolio before the official launch date.
"As a new player in the Indonesian market, we need to build excellent
reputation and âTrustâ is basically what we are selling to our clients.
âTrustâ is also what we demand from our system and its supporting vendor;
that is why we rely on DSTiâs HiPortfolio as our main back-office system.
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," said Legowo Kusumonegoro, FSIIâs president director.
Lena Tay, General Manager of DSTi South Asia says: "DSTi is delighted to
have PT First State Investments as a client in Indonesia, thereby adding to
our significant leadership in the 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."