Panama’s Mundial Asset Management goes live on International Private Banking Systems’ technology

On May 23 2005 8:00 AM

Panama’s Mundial Asset Management goes live on International Private Banking Systems’ technology

Panama’s Mundial Asset Management goes live on International Private Banking Systems’ technology

The start-up investment manager chose the IPBS solution because it is .NET based, because it offers integrated KYC and AML functionality and for its strong STP capabilities.

May 23rd, 2005

Panama based Mundial Asset Management has gone live with a fully integrated client portfolio management, KYC and compliance solution from Nassau headquartered International Private Banking Systems (IPBS). Mundial, a new company, is using three key products from the Microsoft .NET based IPBS portfolio of solutions: IPBS/Investments, IPBS/Business Manager Manager and IPBS/Remote Client Access.

According to IPBS, Mundial required a completely integrated system to ensure it meets the strict Panamanian regulatory requirements for KYC and AML. In addition, the firm wanted a solution that could enable it to deliver the best client service, and to operate efficiently in a multilingual capacity, using web based technology.

Bruce Raine, founder and managing director of IPBS, told stpzone.com that its talks with Mundial began in May 2004 when the firm was still in its very early stages of starting up. “At that time Mundial wanted to assess the technology we had,” he says. “There was then a lapse in the relationship as Mundial focused on building its business, until January this year when they called and we immediately provided a demonstration to eight of their people. From that point the relationship progressed very quickly. They came to Nassau to view our premises and meet our people, and the system was installed in February.”

There were a number of reasons for IPBS’s success in winning this business, Raine believes. “Although Mundial is a new company, all its people have been in the investment and brokerage businesses for a very long time and have worked with several other systems from very big name companies, and they were amazed at the sophistication of our offering: the fact that it is a .NET implementation of a trading platform, its internet connectivity and the STP capabilities,” he says. “In the software the Mundial people were most familiar with, to book a transaction was at a minimum a three step process: they had to input the details three times to achieve the recording of a securities buy or sell. In IPBS, that input happens once, and all the accounting related to that one transaction happens.”

As well as wanting to be at the leading edge of technology with a .NET based solution, Mundial also required very solid KYC/AML capabilities integrated into the platform, Raine adds. “An integrated solution was very important. Most of the people they employed were using two or three different products to run the business and that creates a nightmare of interfacing one application to another and duplicating efforts across two or three platforms.”

While the implementation timeframe at Mundial might appear short in comparison to the time it typically takes to install equivalent systems, for an IPBS implementation it is fairly standard, Raine says. “We can generally implement a system in two to three weeks, depending on the legacy data to be imported: in the case of Mundial there was only a little. So we simply had to install the software, set up the parameters and do the training. The implementation was accomplished in two trips to Panama.”

For the future, Raine believes there is potential for Mundial to implement additional software from the IPBS portfolio. “I think they will shortly add our mutual funds and share registry product, as they plan to become a fund administrator for their own funds as well as third party funds,” he concludes.

-Ends -


About International Private Banking Systems

International Private Banking Systems is a specialist provider of wealth management software for the private banking sector. The company began operations in 1993 and the flagship product is IPBS - a fully integrated accounting and management information system that provides all of the front, middle and back office support services required by international private banks, trust companies, mutual fund administrators and wealth management professionals. International Private Banking Systems now serves clients across the globe, including the Bahamas, the Cayman Islands, the Turks & Caicos Islands, Bermuda, St. Vincent and the Grenadines, Panama, Uruguay, Vanuatu and the United States.
For more information, please visit www.ipbs.com

About Mundial Asset Management

Mundial Asset Management is a broker dealer wholly owned by Grupo Mundial, a leading financial consortium in Panama. Grupo Mundial is formed by Aseguradora Mundial, Panama’s leading insurance company, Banvivienda, a leading mortgage bank, Mundial Fiduciaria, a trust company, and Mundial Pensiones, a newly formed pension fund company. Mundial Asset Management was launched in 2004 as the result of a strategic alliance between Dryden Wealth Management and Aseguradora Mundial, for the development and distribution of the Global Select open architecture wrap account program. Dryden Wealth Management is a 100% subsidiary of Prudential Financial, Inc. (USA). Mundial Asset Management has also added a local stock seat, and Pershing’s fully disclosed clearing services to its customer transactional platform offerings. Finally, Mundial Asset Management has signed numerous distribution agreements with the leading offshore mutual fund families, as well as the most renowned global investment banks. With the IPBS platform in place, Mundial Asset Management is able to provide their customers with a unified account statement, online access to their consolidated holdings, and state of the art compliance and AML tools. For more information, please visit www.mundialam.com

Subscribe to Newsletter