DST Global Solutions, a provider of investment management software and services, today announced that CITIC Prudential Fund Management Company has gone live with the HiPortfolio Asset Servicing solution, to strengthen its fund accounting operations. CITIC Prudential Fund Management Company is an asset management joint venture between the UK’s Prudential Group and China’s CITIC Group.
Rock Chen, deputy COO from CITIC Prudential, said, “ As CITIC Prudential continues to meet the savings, protection and investment needs of the Chinese people, we need to ensure we have the systems in place to offer the service our clients’ demand. HiPortfolio offers us a robust and scalable solution to meet these challenges. Implementation of the systems, including data migration, was completed successfully within the agreed timeframe and budget. We are now very pleased to be experiencing a range of business operational improvements made possible by HiPortfolio.”
CITIC Prudential obtained approval from the China Securities Regulatory Commission (CSRC) in October 2010 to launch its QDII Fund, allowing it to invest in foreign markets. They required a solution that was designed to work in global markets as well as meet the requirements of the Chinese domestic fund management industry.
Arun Sarwal, CEO of DST Global Solutions Investment Management division, commented, “DST Global Solutions has worked very closely with the CITIC Prudential team to ensure the project was delivered on time and within budget. This achievement is down to the excellent relationship and joint efforts of both companies.
“This is a landmark deal for DST Global Solutions in China’s fund management industry and we look forward to working with CITIC Prudential to support the growth of their fund management business in the future. China has been a key strategic market for us over the past 10 years and we are delighted to further grow our client base in the Chinese fund management sector.”