Milestone Group, the specialist provider of optimised fund processing solutions to the global funds industry, today announced that Skandia, the largest platform operator in the UK, has gone live with its Rebates solution. As a core component within Milestone Group’s leading pControl Funds Processing platform, the implementation is the first in a phased roll out of the solution which has already allowed Skandia to realise significant gains in accuracy, efficiency and control in the administration, management and delivery of the rebates process.
As well as providing genuine straight through processing, Milestone Group’s pControl is a robust, highly flexible and configurable platform, meeting the complex needs of Skandia, its partners and its customers. The go live also readies Skandia for any potential change under the RDR concerning the issue of paying rebates in units or cash enabling it to maintain business as usual without the need to re-engineer its current process should any new regime be introduced.
“We were really impressed with Milestone Group’s pragmatic approach to our specific requirements, and its focus on innovation and operational excellence provided a strong functional and cultural fit with Skandia,” states Peter Fleming, Head of Investment Administration, Skandia. “We currently process about 2,000 funds each month so it’s crucial that we manage rebates quickly and accurately at the lowest possible cost. In addition, increasing demand for transparency from investors, fund managers and regulators alike is supported by pControl’s delivery of process transparency and clear audit trails. The platform also allows us to adapt quickly and future proofs us against any potential regulatory and business change on the horizon.”
Skandia is currently implementing Milestone’s pControl under a three-phase programme to simplify and consolidate multiple technologies within a single integrated end to end funds processing solution. Skandia became the first UK platform operator to go live with the module in April, and has already seen a significant reduction in the time taken to complete monthly rebates.
“The financial markets are constantly evolving, making it imperative that firms have the ability to respond efficiently to product innovation, investor preferences and regulatory change without upheaval, and where possible within one strategic platform,” comments Geoff Hodge, CEO, Milestone Group. “The pControl approach offers the most advanced built-for-purpose, configurable funds processing solution in the market, and allows clients to pursue straight through processing for a range of complex fund related processes that are not handled well by traditional fund accounting and transfer agency architectures.”
