Sydney – DST International (DSTi) has consolidated its position as the leading provider of business solutions for the investment industry following the announcement BNP Paribas Securities Services (BNP Paribas) has renewed its contract with DSTi and will convert to HiPortfolio/3.
BNP Paribas, a leader in master custody, international investment operations and outsourcing, is the second custodian to adopt HiPortfolio/3 within the past few months in Australia.? In April, Australia’s largest third party administrator, National Custodian Services also announced it would convert to DSTi’s portfolio administration and fund accounting platform from its existing HiPortfolio/2 platform.
The BNP Paribas decision to continue its long-term relationship with DSTi followed an open tender and detailed market review of its technology platform.
"DSTi has a proven track record in delivering the flexible HiPortfolio platform that is the core of processing engine of our IT architecture," BNP Paribas Securities Services Managing Director in Australasia Gail Burke said.
"By renewing our contract to license HiPortfolio, BNP Paribas has not only reaffirmed our commitment to investing in best-of-breed client-facing solutions, we have reaffirmed our commitment to DSTi as a partner who continues to invest in development and who works closely with us on a technology road map to future-proof our technologies."
DST International Australia and New Zealand Chief Executive Officer Ian Mathieson said:? "DSTi has been adding value to the BNP Paribas’ business in both its past and present forms for well over a decade. That BNP Paribas has extended its commitment to our solution yet again underscores the ongoing commercial value of our relationship."
"The HiPortfolio/3 implementation will not only enhance BNP Paribas’ core business, its fund manager customers will be able to access the benefits of the platform’s advanced technologies via outsourcing arrangements, creating potential new revenue opportunities for BNP Paribas.
"We believe the market will continue to consolidate around the
HiPortfolio/3 platform as more asset management companies recognise its business value as a flexible solution that supports global and local accounting requirements.? This momentum will grow as DSTi continues to invest in product improvements and development that will enable us to retain our industry leadership and create market advantages for our customers."
HiPortfolio/3 retains and builds on all the industry-leading functionality of HiPortfolio/2.? Its greater ease of use requires less training, enabling customers to improve fund administration and achieve tangible returns in a relatively short time.
HiPortfolio/3 is DSTi’s strategic transaction processing and investment accounting solution.? The HiPortfolio platform is used by over 250 organisations in 32 countries worldwide.? Its flexible nature and truly multicurrency and multi-instrument capability allow it to support different types of business on a single system.
BNP Paribas joins a growing list of local and global customers committed to benefiting from the advanced technologies behind HiPortfolio/3 with recent customer conversions including NCS in Australia; Perennial Investment Partners, Australia; Bank Thai in Thailand; Trustees Executors in New Zealand; Fiji National Provident Fund and The Reserve Bank of Fiji; JPMorgan Investor Services and MedInvest in South Africa; Asset & Resource Management Company in Nigeria; Daiwa SB Investments in the United Kingdom; and Daiwa SB Investments (HK) Ltd.
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