Magnolia Trustees Limited Streamline Trust Administration with Microgen 5series
London - 21 September 2010
Microgen Financial Systems Division (‘Microgen’) has today announced that trust company Magnolia Trustees Limited has gone live with Microgen 5Series Trust Administration. Currently a small team, Magnolia Trustees Limited wants to put in place an IT platform that will support aggressive growth and enable it to compete on an equal footing with larger trust companies. The automation that Microgen 5Series Trust Administration gives the company will allow them to rapidly take on new business and grow their volumes.
“Lots of companies are held back by their IT infrastructure so we wanted to invest upfront in a system that is agile enough to support the big ambitions we have for our business. Putting a system in place now means we won’t be distracted further down the line by legacy IT. Technology creates commercial advantage and that’s something we’re keen to exploit,” said Director of Magnolia Trustees Limited: Lic. iur. Sandra C. Vazquez, TEP Master of Finance. “Microgen’s support of STEP demonstrated to us that they were the right calibre of company to be working with. And we were correct – it was just a matter of weeks from install to users fully trained.”
Through its workflow capability Microgen 5Series Trust Administration will ensure the consistency of business processes, together with the management of all statutory information. Maintaining a proper and consistent workflow ensures that staff are entering entity related information in the same way, every time, meaning that reports generated are accurate. Not only does this help to ensure regulatory compliance but it also generates the financial transparency required to retain control and manage risk.
“Many smaller trust companies feel that they won’t be able to tap into software such as Microgen 5Series because they view it as too expensive for them. That’s not the case. The charging structure is per user, giving Magnolia Trustees Limited access to the same software as the ‘big boys’ but at a fraction of the cost,” said Douglas Cooper, Head of Business Development, Microgen. “Magnolia Trustees Limited has been exceptionally innovative in their approach to IT and are very clear about what they want to achieve. Not burdened by legacy IT they have made the decision to opt for an IT solution that will ensure their business is nimble but robust.”