Investec Ernst & Company, the New York-based correspondent clearing firm, has commenced live operational processing on the Gloss STP Bureau outsourcing solution from Wilco International, a wholly owned subsidiary of ADP Inc (NYSE: ADP), for its international equities business.
The Gloss STP Bureau provides highly automated multi-currency back office processing for Investec Ernst & Company. This includes the generation of settlement instructions which are automatically sent via the SWIFT network to Investec Ernst & Company’s clearing agents. The processing of incoming SWIFT reply messages is also fully automated to deliver high levels of STP.
Investec Ernst & Company will use Wilco’s existing interface to ADP’s BPS bureau system to transfer positions and accounts data for consolidated books and records. Investec Ernst & Company already uses BPS for processing its US domestic equity and other businesses.
Investec Ernst & Company using Wilco’s Gloss STP Bureau
Speaking about the decision to opt for Wilco’s bureau solution for processing international equity trades, John Murabito chief operating officer at Investec Ernst & Company said: "We required a fast-track solution to deliver real-time processing for our international operations. The high levels of automation and strong operational control features of Wilco’s Gloss STP Bureau enable us to deliver straight-through processing and efficiency for our global correspondent clearing business. In addition, this enhanced service will enable Investec Ernst to further expand its international clearing capability as well as attract hedge funds and prime brokers."
Other users of Wilco’s Gloss STP Bureau include CIBC World Markets and Jefferies & Co.
Investec Ernst & Company is part of the Investec Group, an international specialist banking group which provides a wide range of specialised products and services to a select client base in 15 countries worldwide. The Group is organized into four principal businesses, namely investment banking, treasury and finance activities, private client activities and asset management. Investec Group Limited is one of the 20 largest firms on the JSE Securities Exchange and ranks among the world’s top 400 banks with total assets under management as of 30 September 2000 exceeding $69 billion (including on-balance sheet assets of $25 billion).