Read this Press Release in Chinese.
Taipei, Taiwan, April 10, 2013 – Brown Brothers Harriman & Co. (BBH) announced today that five more organizations are utilizing its Infomediary® solution to join the Taiwan Depository & Clearing Corporation’s (TDCC’s) offshore fund automation service.
Taiwan Cooperative Bank and Shin Kong Bank have signed on with BBH Infomediary for the fully automated execution of fund orders, and receipt of statuses and confirmations. Fidelity Worldwide Investment, J.P. Morgan Asset Management and Baring Asset Management, fund providers of E. Sun Bank, are now live, as are BlackRock and AllianceBernstein who went live in Q4 2012. As the first and only service provider for the TDCC’s offshore fund automation service, BBH Infomediary’s connectivity and messaging platform helps simplify data exchange for domestic banks and global asset management companies operating in Taiwan.
The fund automation service creates a “win-win-win” solution for distributor banks, fund providers and end investors in Taiwan by providing a secure and automated workflow enabling quicker access to order statuses and, more generally, by broadening access to new investment opportunities. It is a continuation of BBH's strategy in Asia to enable financial institutions and asset managers with its global capabilities and technology solutions in order to operate more efficiently in Asia.
Ms Hu FeiLing, Senior Vice President & General Manager, Taiwan Cooperative Bank - Trust Department said “TCB has always provided its customers with a full range of financial products based on a proactive, flexible and innovative service culture. With regard to offshore fund automated order routing operations, linking with TDCC’s fund order routing platform and adopting BBH’s fund automation solution will enable us to achieve stable, high-speed computer network transmission and to interface with fund company information systems, thus improving TCB’s operating efficiency, reducing the risk inherent in manual operations, and enhancing customer satisfaction. We hope to expand the volume of customer orders by providing high-quality financial services and we believe that this will make a significant contribution to the development of the Taiwan-Centric Wealth Management Platform for Domestic Consumers programme, while also creating a win-win-win situation for customers, TCB and fund companies.”
Janice Lin, Head of Operations, Asia Pacific, Fidelity Worldwide Investment said “As one of the pioneers in fund automation and a founding member of the Asia Funds Automation Consortium (AFAC), Fidelity Worldwide Investment is delighted with the successful implementation of the TDCC platform. Thanks to the support of regulators and offshore fund automation service providers such as BBH Infomediary, there is now a market recognised solution for the Taiwanese distributors. The TDCC fund automation platform standardised the way mutual fund orders are processed and it has enhanced the client experience as well as reduced operational risks.”
Eddie Fong, Managing Director, J.P. Morgan Asset Management said “Thanks to the efforts of all involved, J.P. Morgan Asset Management is excited that the TDCC/BBH solution has successfully gone live. This will significantly promote the STP (straight through processing) rate for fund order routing in Taiwan and will greatly benefit investors, distributors and fund providers.”
BBH Infomediary provides clients with a competitive advantage by shortening the full-cycle straight through processing time from hours to minutes and expanding banks’ distribution capabilities. On behalf of its Taiwanese bank clients, BBH Infomediary leads the implementation process including requirements gathering, system development, testing, and post-production support. BBH Infomediary supports all share classes, industry standards ISO 15022 and ISO 20022 SWIFT messaging, and proprietary data formats.
Mandarin-speaking implementation team members in Asia include system developers, business analysts, project managers, client service managers and client relationship managers, who are all located in BBH’s offices in Hong Kong and Tokyo. Additional team members in London and Boston provide 24-hour project development and client service.
About Brown Brothers Harriman
BBH is a privately held financial institution that has been a thought leader and solutions provider for nearly 200 years. The firm serves the most discriminating and sophisticated individuals and institutions in its five business lines: Corporate Banking, Investment Management, Investor Services, M&A Advisory and Wealth Management. BBH’s culture of accountability fosters deep and lasting relationships built on commitment, adaptability and trust. The company is independent, selective and specialized by design.
BBH’s Investor Services business provides cross-border custody, accounting, administration and execution services in close to 100 markets for many of the world’s leading asset managers and financial institutions. With approximately $3.6 trillion in assets under custody and administration1, BBH is consistently ranked among the world's top global custodians, asset administrators, foreign exchange, and securities lending providers.2
BBH operates a global business with seventeen locations, including Beijing, Boston, Charlotte, Chicago, Denver, Dublin, Grand Cayman, Hong Kong, Kraków, London, Luxembourg, New Jersey, New York, Philadelphia, Tokyo, Wilmington and Zürich. For more information about Brown Brothers Harriman’s integrated and differentiated approach, please visit www.bbh.com.
About Brown Brothers Harriman Infomediary
Since its inception in 2001, BBH Infomediary has streamlined clients’ operations with its highly customizable communications platform. BBH Infomediary provides data translation, transformation and transmission services to many of the world’s largest asset managers, insurance companies, transfer agents and regional banks. BBH Infomediary solutions help solve numerous operational challenges for global clients across multiple areas of their operations including reconciliations, trade messaging and management, corporate actions as well as FX netting and aggregation.
1 As of December 31, 2012.
2 As measured by results in major industry surveys.
BBH and Infomediary are registered service marks of Brown Brothers Harriman & Co. in the United States and other countries.