RBC Dexia implements transfer agent platform for Aberdeen
26 May 2011
RBC Dexia Investor Services has developed and implemented a pan-Asian automated transfer agency platform specific for Aberdeen Asset Management’s Thailand fund operations. RBC Dexia’s proprietary automated transfer agent platform is the only global TA platform that now meets Thailand TA requirements.
“The strength of our existing relationship with RBC Dexia was evident and with a Thai specific transfer agency platform now in place, RBC Dexia can provide Aberdeen with consolidated business data across the Asia-Pacific region and potentially open doors around the world,” said Matthew Yong, head of investor services – Asia-Pacific, Aberdeen Asset Management Asia Limited. "Throughout the tenure of this process, RBC Dexia’s level of commitment and collaborative approach were crucial to the success of this unique project, particularly given the complexities of the Thai funds industry,"
For the successful implementation of this platform, some of the most complex transfer agency developments in the global marketplace were involved, including:
• Using RBC Dexia’s proprietary transfer agency platform to manage Thai characters;
• Using complex formulas and rounding rules based on Thailand regulations to calculate trade prices, fees and taxes; and
• Complex daily data and trade interface between RBC Dexia’s TA platform and Aberdeen.
For fund promoters active in the region, the lack of automation in the Asian fund market creates significant operational challenges, increased risks and costs. It is estimated that today over 95% of fund orders in the region are still processed manually via faxes. RBC Dexia is working with clients like Aberdeen to find ways to increase automation and help pioneer the way for the benefit of the global fund management community. RBC Dexia is currently the only transfer agent provider across the Asia Pacific region with capabilities in Thailand, Australia, Taiwan, HK and Singapore.
“Due to our long standing partnership with Aberdeen Asset Management, we have a comprehensive understanding of their needs,” said Brent Reuter, managing director of RBC Dexia Investor Services in Hong Kong. "Our extensive local market knowledge, on the ground capabilities and ability to adjust to the complexities of global transfer agency platform within a localised market give us the edge on other providers looking to service asset managers with international activities.”
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