DST Signs Multi-Million Dollar Deal With JP Morgan For Accounting And Outsourcing Business Solutions
Announcement posted by DST International 20 Sep 2001
Ten year partnership improves operational efficiency and looks toward Asian implementation
Australias leader in investment technology solutions, DST International (DST), recently signed a multi-million dollar contract with JP Morgan Chase & Co Investor Services (JP Morgan) to continue to rollout DSTs flagship HiPortfolio strategic back-office system. Over the next few years and beyond, the modular HiPortfolio solutions will assist JP Morgan refine its back and middle office and extend the range of accounting services it can provide, assist the facilitation of a wider range of products and an effective outsourcing option for institutional clients.
JP Morgan is one of the largest users of the HiPortfolio solution in Australia and has been for the past decade, outlined Mr Ian Mathieson, Managing Director, DST International Pty Ltd.
JP Morgan initially selected HiPortfolio due to high levels of functionality available in the platform.
HiPortfolio has proven its worth from both a business and technology sense, observed Mr Graeme Arnott, Business Executive, Investor Services Australia & New Zealand, JP Morgan.
It is an ideal package solution for the Australian marketplace with a unique ability to continue to meet local market regulatory requirements. We believe the ongoing product development from DST for HiPortfolio will be able to maintain functionality increases in the future, he continued.
DST and JP Morgan are also looking towards future solutions to better manage the companys current significant growth period. Solutions that are being considered for future implementation by JP Morgan include DSTs Open family of products, including a relational database, reporting and performance tools together with a Straight Through Processing (STP) solution, OpenMessenger.
Arnott continued, Our goal is to incorporate STP technology to minimise the rework of our data. Using a combination of global and local platforms will provide us with a fuller product range for clients and a much more efficient operation, whilst still retaining the flexibility we need to deliver high quality results.
We do have an option to extend this platform to our Asia Pacific operations however, we are currently reviewing what the Asian market really wants and what is the most appropriate platform, concluded Arnott.
HiPortfolio/2 is a completely integrated total solution for Institutional back office needs. It consists of a number of modules each of which provides processing support for a specific category of investment instrument or investment business function.
Ends
Through local offices in Sydney, Melbourne and Wellington, DST employs almost 200 staff in its sales, development, client services and support divisions. Responsible for hosting the global development centre for the companys flagship product, HiPortfolio/2 and HiTrust, DST International solutions can be found in around 100 client sites in Australia and New Zealand.
Current Australasian clients include AMP, ANZ, Commonwealth Bank of Australia, Credit Suisse, ING, JB Were, JP Morgan, Macquarie Bank, Merrill Lynch, National Australia Bank, NRMA, Royal Bank of Canada, Royal & SunAlliance, State Street, Suncorp Metway, Tower Life, Vanguard and Zurich.
J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $713 billion and operations in more than 50 countries and JPMorgan Investor Services has $US6trillion in assets under custody $US2trillion of which are in global custody. The firm is a leader in investment banking, asset management, private equity, custody and transaction services, retail and middle market financial services, and e-finance. Headquartered in New York, JP Morgan Chase serves more than 30 million consumer customers and the worlds most prominent corporate, institutional and government clients.
JP Morgan is one of the largest users of the HiPortfolio solution in Australia and has been for the past decade, outlined Mr Ian Mathieson, Managing Director, DST International Pty Ltd.
JP Morgan initially selected HiPortfolio due to high levels of functionality available in the platform.
HiPortfolio has proven its worth from both a business and technology sense, observed Mr Graeme Arnott, Business Executive, Investor Services Australia & New Zealand, JP Morgan.
It is an ideal package solution for the Australian marketplace with a unique ability to continue to meet local market regulatory requirements. We believe the ongoing product development from DST for HiPortfolio will be able to maintain functionality increases in the future, he continued.
DST and JP Morgan are also looking towards future solutions to better manage the companys current significant growth period. Solutions that are being considered for future implementation by JP Morgan include DSTs Open family of products, including a relational database, reporting and performance tools together with a Straight Through Processing (STP) solution, OpenMessenger.
Arnott continued, Our goal is to incorporate STP technology to minimise the rework of our data. Using a combination of global and local platforms will provide us with a fuller product range for clients and a much more efficient operation, whilst still retaining the flexibility we need to deliver high quality results.
We do have an option to extend this platform to our Asia Pacific operations however, we are currently reviewing what the Asian market really wants and what is the most appropriate platform, concluded Arnott.
HiPortfolio/2 is a completely integrated total solution for Institutional back office needs. It consists of a number of modules each of which provides processing support for a specific category of investment instrument or investment business function.
Ends
Through local offices in Sydney, Melbourne and Wellington, DST employs almost 200 staff in its sales, development, client services and support divisions. Responsible for hosting the global development centre for the companys flagship product, HiPortfolio/2 and HiTrust, DST International solutions can be found in around 100 client sites in Australia and New Zealand.
Current Australasian clients include AMP, ANZ, Commonwealth Bank of Australia, Credit Suisse, ING, JB Were, JP Morgan, Macquarie Bank, Merrill Lynch, National Australia Bank, NRMA, Royal Bank of Canada, Royal & SunAlliance, State Street, Suncorp Metway, Tower Life, Vanguard and Zurich.
J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $713 billion and operations in more than 50 countries and JPMorgan Investor Services has $US6trillion in assets under custody $US2trillion of which are in global custody. The firm is a leader in investment banking, asset management, private equity, custody and transaction services, retail and middle market financial services, and e-finance. Headquartered in New York, JP Morgan Chase serves more than 30 million consumer customers and the worlds most prominent corporate, institutional and government clients.