With returns flagging, the asset management industry has had to turn its attention to cutting costs. This has meant that promotion of efficiency in its systems and operations has been on the agenda for many groups and has, therefore, characterised the European transfer agency market in 2010.
RBC Dexia has benefited from its long history in the market – it was one of the first service providers in continental Europe to specialise in transfer agency activities. Its operation now supports 11 million transactions annually across more than 8.9 million client accounts.
As with other areas of its business, RBC Dexia has taken a global model and local service approach. This has meant it has strength in shareholder services and distribution support, but is supported by strong global knowledge at the same time.
It believes much of its success has come from its robust technology platform, which has multi-currency, multi-lingual, multi-share class and multi-promoter functionality. It has also been able to handle both accumulating and distributing share classes and cater to the needs of both retail and institutional investors.
The system holds 18,000 different distributors across 100 countries.
New clients have complemented the group’s technical expertise and its ability to handle complex projects. One client particularly liked its ability to consult on topics such as Ucits IV or distribution in Taiwan.
Another new client said that RBC Dexia was the only group that could handle its particular needs.
The group has continued to innovate throughout 2010, improving its global processes and client service.
Its technical changes have included automation of sub-transfer agency trading capabilities in Hong Kong and Singapore, which have allowed for a reduction in processing times, an improvement in its account opening process, and an expansion of monthly metrics that focus on important quality indicators.
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