Asset Servicing Solution to Support Specialised Pension Fund Management
DST, a global provider of strategically unified business processing, customer communications, and data management solutions, and Ping An Annuity Insurance Company of China (PAAIC), today announced the two firms successfully implemented HiPortfolio, DST’s award-winning asset servicing solution, to support the investment operations of PAAIC’s growing business.
As part of Ping An Insurance (Group) Company of China, PAAIC offers a wide range of pension and annuity services for customers across China. The new asset servicing system will facilitate the company’s transformation from an annuity services provider to a specialised fund management firm with broader offerings in wealth management.
PAAIC is the largest enterprise annuity manager in China in terms of assets size. As at 31 December 2013, entrusted assets amounted to RMB 72,290 million, and assets under investment management amounted to RMB 80,486 million1. According to Arun Sarwal, CEO of DST Global Solutions, the implementation of HiPortfolio will enhance PAAIC’s leadership position in the market.
“Pension companies in China are seeking to not only to improve operational efficiency and increase margins but also launch new investment products,” said Mr. Sarwal. “We are delighted that HiPortfolio is PAAIC’s solution of choice for its business transformation and future growth.”
DST Global Solutions has worked in collaboration with Ping An Insurance (Group) Company of China and its affiliates since 2009. Early this year, PAAIC, moved towards becoming a specialised pension company by investing in both talented staff and best-of-breed technology.
Mr. Albert Lee, Deputy General Manager at Ping An Technology (Shenzhen) Co., Ltd. commented, “From our experience of working successfully with HiPortfolio and the DST team over the last five years, we concluded that HiPortfolio was the best choice for PAAIC. Following the swift and smooth implementation, we believe we have made the right choice.”
HiPortfolio has been one of the leading asset servicing solutions of the industry globally for over two decades. It continues to be one of the most functional and scalable solutions through annual investment of some 20,000 man days of R&D annually. This has been recognised by the industry with HiPortfolio winning the Custody Risk Best Post Trade Processing Product award for four successive years since 2010. In China, now some 60% of all Chinese insurance assets are managed on HiPortfolio.
1 Source: Ping An Insurance (Group) of China 2013 annual report