BST Awards 2022: Best implementation at a buy-side firm—FIS

Product: FIS Global Transfer Agency Services

Overview

As the investment landscape continues to change, it is essential for buy-side firms to offer an outstanding customer experience to meet changing investor expectations and sustain growth. This can be challenging when relying on restricted legacy transfer agency (TA) software and outmoded service models that are at odds with evolving global and digital investor demands, and asset managers’ evolving goals.

“Our top priorities are to provide continued top-quality investment services to our new fund shareholders and to support future growth, so selecting the right partner and platform was key. Given our long history of working with FIS and their proven track record of innovation and service quality, we are confident that we have chosen the right partner to enhance our services for our newest customers.”
Michael Policarpo, president, CFO and CAO, Victory Capital

What problem does it address?  

FIS Global Transfer Agency Services provides investment managers and fund administrators across multiple jurisdictions with a range of business process as-a-service (BPaaS) and software as-a-service (SaaS) solutions. As a global transfer agency services provider, FIS offers the scale and investment of one of the industry’s largest fintech providers, backed up by a large team of subject matter experts and modern technology.

Secret sauce 

Underpinning FISTA offering is its service model, developed over its 30-year history. The firm is experienced in managing large-scale conversions, enabling its clients to meet their investors’ expectations. FIS enables access to worldwide coverage and processing capabilities via a multi-jurisdictional, multi-currency, multi-lingual solution.

Recent milestones

Pending approval from the Commission de Surveillance du Secteur Financier, the Luxembourg Financial Supervisory Authority, FIS will complete the international phase of the Franklin Templeton transaction with the onboarding of close to 500 new colleagues from multiple global jurisdictions. This includes the business and technology resources responsible for completing one of the largest TA conversions in the industry. This involved the conversion of 30 years of transaction history, 67 million deal transactions, 162 million records, 2.4 million holdings, 1.3 million investors, and 1,140 funds and share classes brought live across 14 locations simultaneously.

“By partnering with FIS, Franklin Templeton transitions its transfer agency services to a managed solution realizing key enhancements and operational efficiencies, while minimizing enterprise risk. This new partnership brings the asset management community a modern, technology-driven choice backed by the commitment and stability of FIS. Winning this award would be the ultimate welcome for our new team members joining FIS as an essential part of our business.”
Dieter Kaeslin, senior vice president, group executive, asset management, FIS

Future objectives 

  • Solidify the firm’s position as one of the industry’s premier TA service providers on the back the Franklin Templeton relationship
  • Accelerate the deployment of technology with the goal of increasing customer satisfaction and reducing operational risks. Examples include building out the firm’s mobile and portal user interfaces, real-time processing and money movement capabilities.
  • Increasing asset class coverage across the globe

Why they won 

This is the only category in the annual Buy-Side Technology Awards that focuses on the implementation of a technology or product at a buy-side firm. This is the second win in three years for FIS―its 2020 win came courtesy of the rollout of its Investment Operations Suite at a large, US-headquartered asset manager. This time it’s the implementation of its Global Transfer Agency Services at Franklin Templeton―announced just over a year ago―that gets the nod, which will see FIS taking care of all the complex and often laborious heavy lifting around Franklin Templeton’s transfer agency functions. It’s a massive undertaking, but who better to manage it than FIS?               

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