RBS (Luxembourg) S.A., member of the Royal Bank of Scotland group, has selected Aquin Components' compliance software MIG21. Aquin is a software solutions provider to the international asset management and fund industry. The solution distinguishes itself through great flexibility and a high degree of automation. MIG21 will be put into production in the 2nd quarter of 2007 and will perform the Ex-Post checking of funds domiciled in Ireland and Luxembourg.
RBS (Luxembourg) S.A. expects that the number of sub-funds will increase to 200 and assets under management will reach a sum of 30 billion Euros by end of the year. RBS (Luxembourg) offers truly independent monitoring and oversight services for their investment funds, as the RBS group itself does not supply its own investment funds or portfolio management services. With the expansion of the trustee-like business into the Luxembourg market, using an internationally compatible investment compliance monitoring system was identified as an important growth factor. Even more so, since RBS (Luxembourg) supplies also services for non-Luxembourg domiciled investment funds. The compliance monitoring system currently in use is particularly tailored to the English market requirements based on the Trustee Laws. It was therefore necessary to find a new solution able to meet the specific requirements and innovations in Ireland and Luxembourg.
Automation through MIG21
After an intensive selection process, RBS (Luxembourg) has chosen Aquin's MIG21 investment compliance solution, which prevailed over notable competition. An important element of the choice was, above all, the high quality of the system and consultancy services proven by numerous references and workshops where complex use cases could be solved with little effort. Further advantages were the outstanding coverage of UCITSIII by MIG21 as well as the flexible interface to multiple data sources. By the end of the year, MIG21 will be connected to approximately 20 systems within RBS (Luxembourg). The system retrieves the necessary data through an open interface to the company's internal data warehouse.
RBS (Luxembourg) required a compliance monitoring system scalable enough to meet the company's very ambitious growth objectives. The compliance team in Luxembourg expects to implement complex Structured Products and Derivatives as well as legal and contractual guidelines with little effort and in a timely manner thanks to MIG21. With the new system, RBS (Luxembourg) amplifies the compliance checking scope while simultaneously increasing the number of funds processed per employee.