Fund processing provider Milestone will provide its pControl platform for net asset value (NAV) production, validation, and distribution processes as BMO Bank of Montreal carves out a greater slice of Canada's fund administration market.
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.
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