LCL Isle of Man improves straight-through-processing across funds with Invest|Pro™upgrade

Dublin - 29 May 2013

  • New licensing agreement extends LCL's use of investment administration software, Invest|Pro™, to manage several of its life assurance books
  • The latest software provides direct links to external dealing platforms as part of the fund management process as well as automated corporate actions
  • Operationally has improved straight-through-processing and created a more efficient platform for managing unitised funds and portfolio bond investment administration

LCL Isle of Man, a third-party administrator, has extended its use of FRS's Invest|Pro™software to manage the investment administration of several of its life assurance books. These include Aberdeen International, Premium Life, Finistere Life, ALICO IOM, Global LIfe and LCL International.

In a new 5-year licence agreement, Isle of Man-based LCL, which is part of the Charles Taylor group of companies, has implemented the latest version of Invest|Pro™ software from Financial Risk Solutions (FRS).

The software is used to automate the investment administration of unitised funds and portfolio bonds. The latest version provides access to automated corporate actions as well as direct links to external dealing platforms for pricing. This allows for straight-through-processing across a range of fund types, ensuring a completely integrated investment administration process.

Paul Rowlands, LCL's Business Support Director says "FRS's unrivalled experience in the life assurance investment administration space is reflected in its Invest|Pro™ system. The broad range of functionality it provides for both unitised funds and portfolio bond administration, and has hugely benefitted our business operationally. Given the number of life assurance companies we integrate into LCL International, having the ability to manage our own data migrations is a huge advantage to us. The integrated dealing platform which is part of the latest release is helping us to further improve straight-trhouhg-processing, making our processes even more coordinated than before."

Frank Carr, Sales & Marketing director and FRS comments " LCL are experts in acquiring and absorbing international life insurance companies closed to new business. Using Invest|Pro™allows them to integrate new portfolions into their business and manage the investment administration function efficiently and expertly. Extending their licensing agreement with us is testament to the benefits of using Invest|Pro™and will allow them to continue to expand their business."

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