Schroder Investment Management (Luxembourg) is implementing pControl software by Milestone Group, the provider of optimised fund processing solutions to the funds industry, to enhance management of its outsourced fund accounting processes.
The software will bring additional rigour to an already robust process in light of increasing demands from regulators and investors for transparency across all aspects of financial services firms’ operations.
pControl’s Fund Oversight module will provide Schroders with effective and efficient oversight of third party service providers, to ensure SLAs are met and client service is maintained at the highest standard. The fully automated solution will enable Schroders to monitor, validate and analyse all components of their investment funds valuations process from a single point of reference and drill down into transaction and fund data when forensic examination is required.
« We recognised the need to have a system like pControl in place for some time and had begun to build a proprietary system to manage this process. When Milestone Group showed us pControl it was clear the solution was exactly what we needed. The software can deal with the multi-class, multi-currency complexities of the investment vehicles we offer, and its flexibility and scalability were critical as we focus on improving the quality and efficiency of the fund services we provide. »
Gary Janaway, Operations Director at Schroders
Demands for transparency
“pControl’s Fund Oversight addresses the operational, regulatory and reputational risks faced by financial institutions outsourcing key operational functions head on.” says Paul Roberts, Managing Director – Europe at Milestone Group. “What’s more, it is clear that under the current climate, demands for transparency and operational control are only going to intensify. This makes it vital for financial institutions to look for better ways to monitor service levels and outputs associated with outsourced relationships. There is an emerging need for automation of this process to achieve the levels of efficiency, transparency, and timeliness now demanded. Schroders had already recognised this and we are delighted to welcome them as a client.”
pControl’s Fund Oversight solution provides automated verification and SLA monitoring of key service provider outputs. This allows clients to undertake independent oversight of one or more relationships in a timely and efficient manner to an appropriate level of detail. The approach minimises the potential business impact of any service “blips” and in doing so, strengthens the relationship between clients and their service partners.