DST Global Solutions, a market-leading provider of software technology and services to the investment management industry, today announced an agreement with XSP®, the global leader in automated end-to-end corporate actions solutions. Together, they will develop an integrated state of the art corporate actions solution for the flagship investment accounting platform, HiPortfolio®, which is used by more than 160 investment management organisations around the globe.
Currently, investment managers face a growing operational challenge as manual processes add complexity to corporate actions, making processing of accurate information across front, middle and back offices expensive and time consuming. DST Global Solutions’ and XSP’s collaboration is expected to facilitate availability of a more robust corporate actions solution for investment managers, backed by the proven market-leading technologies of both companies.
HiPortfolio’s Corporate Actions solution will be offered as a module powered by XSP. The solution will initially be made available in Australia and New Zealand where DST Global Solutions has operated for more than 20 years and built a client base consisting of more than 70% of custodians and fund manager firms in the region - including some of the world’s largest asset managers and custodians.
Accredited with the SWIFTReady® label, the XSP v5 platform is SWIFT 15022 compliant and combines cutting-edge technology with feature-rich functionality to help mitigate the operational risks and costs associated with Corporate Actions processing for end-to-end STP.
Philip Hogan, DST Global Solutions’ Managing Director – Asia Pacific said: “We are responding to our clients’ desire for improved operational efficiency in corporate actions. Our joint working relationship with XSP is expected to help reduce costs and risks for third-party administrators and fund managers automating corporate actions such as dividends, mergers and acquisitions and rights issues. HiPortfolio clients will soon have access to XSP’s proven platform through an integrated corporate actions solution, benefiting from a more efficient back office with a single point of contact for services and support.”
Brendan P. Farrell, Jr., Chief Executive Officer at XSP, said, “This alliance with DST Global Solutions represents another step in our commitment to service the growing European and Asia Pac financial community. By aligning with established and prestigious companies like DST Global Solutions, we can offer cost-effective and innovative solutions to streamline Investment Management and corporate actions processing. The growing volume and complexities of these events are prime reasons why financial services firms require a proven and robust technology solution like the XSP platform. We look forward to working with DST Global Solutions to help the European and Asia Pac community control operational risks and costs.”
Geoff Harries, Global head of Asset Servicing at DST Global Solutions said, “With the industry striving for greater efficiencies at all stages of the trading life-cycle, corporate actions have been identified as an area for improvement. The operational response needs to ensure that visibility and control is maintained and that investment accounting information, coupled with validated market data, is used to present complete, accurate and timely information to other parts of the organisation. I am convinced that the combination of HiPortfolio and XSP will deliver significant operational gains in this challenging area.”
Under the agreement both companies will retain ownership of key intellectual property while leveraging each other’s global sales and support services. DST Global Solutions will provide local market support and expertise plus client facing services including client relationship management, professional services and pre-sales and sales support, while XSP will provide a tailored corporate actions solution and sales support for DST Global Solutions’ front line teams.