Garradin helps Parker Asset Management slash admin time by more than 50 percent
Announcement posted by Garradin 05 May 2003
Automated investment management system saves times, helps boutique fund manager to grow business by 30 percent
Boutique fund manager Parker Asset Management has slashed its investment management administration time by 50 percent and grown its funds under management by 30 percent with the help of the market-leading asset management and investment software product suite, Garradin.
Implementing Garradin also facilitated Parker Asset Managements transition from a pure-play stockbroker to a fund manager, able to offer its clients value-added performance reporting services.
About seven years ago, we decided to move from being a pure stockbroker to a fund manager as we wanted to be able to offer our clients valued-added services such as performance reports. We also wanted to be able to offer our clients a full accounting package, something that stockbrokers just dont seem to want to do for their clients, said Parker Asset Management Managing Director, Philip Parker.
Producing precise reports for our clients and their accountants well in time for tax return deadlines proved to be a huge challenge at the administration end, as we had a number of diverse information sources that had to be manually collated into one report showing the years investment history and performance. Our manual system answered the basic requirements but the task was obviously extremely time consuming.
Since implementing Garradin, Parker Asset Management has not only been able to provide the reports well in advance of taxation deadlines, but has also been able to reduce the time spent on administration by more than 50 percent.
It has also enabled the company to substantially grow its business with funds under management growing 30 percent since early 2000 and with the number of individual portfolios under management growing by 13 percent. Implementing Garradin freed up our staff to proactively go after new business, explained Parker. But, more importantly, we are also able to provide an even better service to our existing clients who receive comprehensive reports showing their net returns versus the index, as opposed to just the basic annual statement required for tax purposes.
Parker said transparency was a critical component both in terms of the way his company selected stocks and the way that Garradin reported on them. Customers obviously benefit greatly from having completely transparent information about their investments good or bad, said Parker. Fortunately, it has all been good so far, as we have managed to outperform the index for our clients. From 1 July 1996 to 30 June 2002, our client portfolios have averaged a return of between 9 percent to 14.5 percent compound on an annualised basis. Our public fund, The Parker Enhanced Leaders Trust, returned over 10 percent per annum over the same period.
Parker said that although he had assessed other automated investment management solutions, Garradin provided a perfect fit, in view not only of its Australian heritage - assuring ongoing compliance with local tax and regulatory requirements - but also in terms of its willingness and ability to service the boutique funds management market.
With many more boutique fund managers entering a consolidating market, it is becoming harder to attract and maintain customer loyalty, said Parker. Garradin gives us a competitive advantage in that automating our administration functions has enabled us to focus on better servicing our existing clients and further growing our business.
Garradin is an asset management and accounting software suite that has been widely accepted by fund managers, wrap providers, trustees, custodians, banks, stockbrokers, insurance companies and financial planners. The system, which is scaleable and easy to use, is ideal for enterprise-level clients as well as boutique managers who can now also access the new monthly rental arrangement pricing model.
About Garradin
Garradin is a comprehensive multi-currency investment management system designed for professional investment managers to manage their portfolio and trading activities in major domestic and international markets. Key features include the ability to manage securities trading and settlement, analyse the composition of portfolios, value and track their performance, check their compliance against preset rules and mandates, generate accounting entries, and produce a variety of operational and management reports, as well as customer documents.
Garradin also incorporates a comprehensive Unitised Funds subsystem that manages the unit registry and unit pricing processes. These modules are designed for use in either stand-alone mode or as an integrated part of Garradin. Garradin has a significant market share of some 30 percent of the Australian marketplace, with clients including Macquarie Bank Wrap, Perpetual Trustees and Tower Insurance.
Further information on Garradin can be found at www.garradin.com
About Parker Asset Management Limited
Parker Asset Management Limited is a boutique fund manager with combined funds of more than $160 million under management. The company has two distinct divisions its flagship public trust, the Parker Enhanced Leaders Trust, and its direct private portfolio management service, which includes portfolio creation, management and administration. The Parker Enhanced Leaders Trust aims to create wealth for its investors over time through careful and disciplined investment in equities. It is currently ranked number one in the ASSIRT table of Australian Leaders for equities over one and three years (Money Management 27 March 2003).
Implementing Garradin also facilitated Parker Asset Managements transition from a pure-play stockbroker to a fund manager, able to offer its clients value-added performance reporting services.
About seven years ago, we decided to move from being a pure stockbroker to a fund manager as we wanted to be able to offer our clients valued-added services such as performance reports. We also wanted to be able to offer our clients a full accounting package, something that stockbrokers just dont seem to want to do for their clients, said Parker Asset Management Managing Director, Philip Parker.
Producing precise reports for our clients and their accountants well in time for tax return deadlines proved to be a huge challenge at the administration end, as we had a number of diverse information sources that had to be manually collated into one report showing the years investment history and performance. Our manual system answered the basic requirements but the task was obviously extremely time consuming.
Since implementing Garradin, Parker Asset Management has not only been able to provide the reports well in advance of taxation deadlines, but has also been able to reduce the time spent on administration by more than 50 percent.
It has also enabled the company to substantially grow its business with funds under management growing 30 percent since early 2000 and with the number of individual portfolios under management growing by 13 percent. Implementing Garradin freed up our staff to proactively go after new business, explained Parker. But, more importantly, we are also able to provide an even better service to our existing clients who receive comprehensive reports showing their net returns versus the index, as opposed to just the basic annual statement required for tax purposes.
Parker said transparency was a critical component both in terms of the way his company selected stocks and the way that Garradin reported on them. Customers obviously benefit greatly from having completely transparent information about their investments good or bad, said Parker. Fortunately, it has all been good so far, as we have managed to outperform the index for our clients. From 1 July 1996 to 30 June 2002, our client portfolios have averaged a return of between 9 percent to 14.5 percent compound on an annualised basis. Our public fund, The Parker Enhanced Leaders Trust, returned over 10 percent per annum over the same period.
Parker said that although he had assessed other automated investment management solutions, Garradin provided a perfect fit, in view not only of its Australian heritage - assuring ongoing compliance with local tax and regulatory requirements - but also in terms of its willingness and ability to service the boutique funds management market.
With many more boutique fund managers entering a consolidating market, it is becoming harder to attract and maintain customer loyalty, said Parker. Garradin gives us a competitive advantage in that automating our administration functions has enabled us to focus on better servicing our existing clients and further growing our business.
Garradin is an asset management and accounting software suite that has been widely accepted by fund managers, wrap providers, trustees, custodians, banks, stockbrokers, insurance companies and financial planners. The system, which is scaleable and easy to use, is ideal for enterprise-level clients as well as boutique managers who can now also access the new monthly rental arrangement pricing model.
About Garradin
Garradin is a comprehensive multi-currency investment management system designed for professional investment managers to manage their portfolio and trading activities in major domestic and international markets. Key features include the ability to manage securities trading and settlement, analyse the composition of portfolios, value and track their performance, check their compliance against preset rules and mandates, generate accounting entries, and produce a variety of operational and management reports, as well as customer documents.
Garradin also incorporates a comprehensive Unitised Funds subsystem that manages the unit registry and unit pricing processes. These modules are designed for use in either stand-alone mode or as an integrated part of Garradin. Garradin has a significant market share of some 30 percent of the Australian marketplace, with clients including Macquarie Bank Wrap, Perpetual Trustees and Tower Insurance.
Further information on Garradin can be found at www.garradin.com
About Parker Asset Management Limited
Parker Asset Management Limited is a boutique fund manager with combined funds of more than $160 million under management. The company has two distinct divisions its flagship public trust, the Parker Enhanced Leaders Trust, and its direct private portfolio management service, which includes portfolio creation, management and administration. The Parker Enhanced Leaders Trust aims to create wealth for its investors over time through careful and disciplined investment in equities. It is currently ranked number one in the ASSIRT table of Australian Leaders for equities over one and three years (Money Management 27 March 2003).