Jupiter Asset Management said it had to implement more automation for basic fund operations to manage the “phenomenal growth” in its business.
The firm has automated the collection of fund valuation data with a system from technology vendor Milestone Group.
The London-based asset manager has installed Milestone’s pControl Oversight solution, which also allows Jupiter to independently verify daily net asset values (Navs).
The system spans Jupiter’s unit trusts and Sicavs domiciled in the UK and Luxembourg, and there is coverage of two outsourced service providers.
Andy King, supplier relationships director at Jupiter, said the “phenomenal growth” in the firm’s fund range had led to a review of manual processes.
He said the system had enabled Jupiter to standardise its validation approach, “meaning we can now execute our Nav testing in a more robust and timely manner”.
Paul Roberts, regional managing director of Milestone Group, said there was a regulatory backdrop for fund management firms looking for this type of solution. These have included Italy’s Generali Investments.
“Increasing regulatory pressure is causing asset managers to look for a fully automated oversight solution that can offer certainty around this key function,” said Roberts.
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