London-based Standard Chartered Bank (SCB) is set to implement Equitrak, an administration solution from New York-based Vitech Systems Group, as its new transfer agency solution.
SCB plans to use the new solution for investor servicing activities associated with its multi-market Fund Services business in Asia, according to a press release. The solution will used for both SCB's traditional and alternative clients covering shareholder registration, subscription and redemption processing, valuation maintenance, compliance monitoring, reporting and more all in a very high volume environment.
The move marks an extension of SCB's use of the multilingual, multi-GAAP, multi-currency Equitrak application, which the bank already leverages as its regional private equity and hedge fund administration offering.
"We selected Equitrak based on the product's inherent efficient and flexible features. Equitrak enables us to efficiently undertake Transfer Agency, Private Equity and Hedge administration on a single platform across multiple markets -- a truly one stop integrated solution that allows us to enhance our client experience," Alastair Pow, global product head, fund services at SCB, said in the press release. "We have been encouraged by Vitech's willingness to support our rapidly growing business model across our unique markets with multiple language requirements."