HiPortfolio/3 will provide ongoing automation improvements for the administration of FNPF main fund and the voluntary Share Investment Scheme (SIS), which is managed by the wholly owned FNPF subsidiary, FNPF Nominees.
Fiji is home to over 880,000 residents, living within an archipelago of 332 islands. The Fiji National Provident Fund was established in 1966 to provide financial security for workers when they retire at age 55. The FNPF also provides for permanent incapacity, and survivor's benefit in the event of death.
"In 2002 we worked in partnership with DSTi to ensure that the investment we made in our technology infrastructure would stand us in good stead for the future. We chose one of the predecessor solutions to HiPortfolio/3 and it was successfully implemented. We have now converted to the latest platform technology from DSTi, HiPortfolio/3, to ensure that we maintain a level of internal business improvements, particularly in the area of performance reporting, ease of use, information security and electronic transaction inputs. We rate HiPortfolio as a proven solution," outlined Mr Winston Chan, Chief Technology Officer of Fiji National Provident Fund.
Chan continued, "Our goal at the time was to select a business partner that could provide a solution with rich functionality that met our business requirements and we feel that DSTi has been able to do that. We still believe that the value-add of working with DSTi rings true â they understand the world of finance and investment and therefore really speak our language."
"As our business develops we expect to continue to invest in technology upgrades. This means for FNPF once we have implemented HiPortfolio/3 we are looking to further enrich the functionality of the system, capitalise on the new process improvement opportunities, expand our reporting capabilities and consider more integration with other systems to add and extract more value with the HiPortfolio investment platform.
We believe that this will help us achieve our ambitious strategic investment objectives," Chan concluded.
To date the FNPF Investment team has relied on DSTi solutions for its Investment Funds portfolio, recording all transactions and providing a variety of performance reports for management and the investment team.
FNPF Nominees has utilised the system to record individual share purchases by FNPF members with provident fund assets, expenses and any profits or losses incurred as a result of share trading activities, bonus issues or dividend payments. Individual reports are produced for each FNPF member, carefully explaining the value of their shareholdings and an annual profit and loss statement.
"The earlier implementation of DSTi fund accounting solutions greatly vimproved the processing capabilities for the FNPF team and by converting to HiPortfolio/3 we feel confident that we can continue to help FNPF further improve their administration and reporting capabilities, allowing them to focus on the business of trading, market analysis and asset class performance instead," commented Mr Ian Mathieson, Chief Executive Officer for DST International Australia and New Zealand.
FNPF has joined another of DSTiâs Fijian customers, The Reserve Bank of Fiji, with its decision to convert to HiPortfolio/3. The implementation of the HiPortfolio/3 platform will be complete in November 2004.
HiPortfolio/3 is DSTiâs strategic transaction processing and investment accounting solution 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.