BMO Bank of Montreal Taps Milestone's pControl for Automated Administration
The deal will allow BMO, operationally based in Toronto, to enable its fund accountants to focus on value-added activities, rather than populating spreadsheets, as well as provide integrated data management and comprehensive processing of income distributions for single funds as well as inter-funded investment structures.
"We believe that pControl will move us forward in our ongoing quest to deliver this. Throughout our operations we are focused on managing operational risks while improving the efficiency and scalability of our business. Milestone Group's pControl platform provides us with the architecture to innovate and in effect reinvent how fund administration is performed in Canada," says Steven Hokansson, vice president of the investment funds group at BMO Financial Group.
The move follows similar tie-ups for Australia-based Milestone, including pControl implementations with Schroders and Guggenheim Partners earlier this year.
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