Solution brings global multi-manager capability to the South African fund administration market
Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, has today announced that international fund administrator Maitland, has selected its pControl platform to enable it to provide an enhanced administration service to multi-manager clients in South Africa.
Maitland believes that multi-manager fund administration in the region is underserved by existing solutions, with pControl providing a great opportunity for much needed improvement. Through the implementation of pControl, Maitland will be able to provide clients with a consolidated view of underlying investments and market leading functionality including automated unit pricing, cash allocation and rebalancing, fund order management, reconciliations and income processing. This is particularly important given recent changes to South African prudential investment rules that place an increased burden of compliance on local multi-managers.
“We have long recognised a ‘twilight zone’ in accurate accounting of multi-managed portfolios,” said Dale Lippstreu, project sponsor at Maitland. “pControl addresses the middle ground between the asset register and investor ledger where spreadsheets have reigned supreme, and allows us to lead the way in ensuring the uncertainty of this ‘twilight zone’ is no more. We now have the ability to offer a superior service to our multi-manager clients and will look to grow our business across the sector.”
Maitland has long-term plans for pControl to be deployed broadly across its business, including the deployment of NAV Control for mutual funds.
Paul Roberts, Managing Director EMEA at Milestone Group added, “South African multi-manager funds face specific complexities which cannot be handled by most fund accounting solutions, leading to an over-reliance on spreadsheets and other tactical tools for accounting records. pControl provides an intelligent and flexible operational response to these issues. Its ability to run multiple functions and processes on the fund structure through a single platform simplifies the administration of multi-manager products. We are delighted to be helping Maitland to deploy pControl to provide a unique service to its clients in this area.”