Maitland has announced that it has entered into a service agreement with independent asset manager RE·CM effective 1 November 2009. In terms of the agreement Maitland will provide a full services and systems solution covering both RE·CM’s front office asset management activities and back office administration.
The services will be provided using SunGard’s Asset Arena investment accounting and reporting system which is used to process over US$14 trillion in assets across more than 50,000 portfolios worldwide. Maitland’s fund services division administers assets valued at more than R420 billion on behalf of more than 80 domestic and international clients.
The service agreement extends to the administration of RE·CM’s collective investment scheme.
Andre Le Roux, head of sales for Maitland’s fund services division, explains that “this is consistent with broader industry trends towards deeper outsource relationships based on a single strategic partner. By integrating its front, middle and back office and consolidating the administration of assets and liabilities, RE·CM will be able to better focus on what they do best, which is to enhance returns to their clients.
The work we will be performing for RE·CM was previously done by three separate service providers”.
Lonn Potgieter, chief operating officer of RE·CM, says “our decision to consolidate our outsourced services with Maitland was based on their comprehensive reporting and business intelligence solution which will allow us to focus our efforts on enhanced portfolio performance and improved client service.”
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