Taipei, Taiwan, November 1, 2012 – Brown Brothers Harriman & Co. (BBH) announced today that E. Sun Bank, in Taipei, is the first bank to go live with the fully automated execution of fund orders, and receipt of statuses and confirmations, as part of the Taiwan Depository & Clearing Corporation’s (TDCC’s) revolutionary offshore fund automation service.
Via BBH Infomediary, E. Sun Bank can now send order files directly from its accounting system to fund promoters and transfer agents globally. Corresponding status and confirmation messages are received and uploaded automatically into their accounting system, streamlining a previously manual and cumbersome process. This enhanced, secure and automated workflow improves the overall client experience for E. Sun Bank and its clients by providing quicker access to order statuses and, more generally, by broadening access to new investment opportunities.
Edward Chen, General Manager - Trust Department of E. Sun Bank said, “E. Sun Bank places great emphasis on efficiency, and is actively involved in innovative efforts to provide better financial services to its customers. This innovative fund automation solution with BBH not only helps our customers enjoy timelier fund transaction information, but also significantly enhances the efficiency of the operational process. It creates a ‘win-win’ situation for our customers, E. Sun Bank, as well as the fund promoters and is a major innovation achievement of the wealth management industry in Asia.”
BlackRock is the first of E. Sun Bank’s fund promoters to go live with the solution. Jeffrey Plein, Managing Director said, “We are delighted to help continue to drive automation across the Taiwanese investment management industry. Automation will bring advantages to the entire market in terms of capacity for future growth, efficiency gains, speed of execution and risk reduction.”
BBH Infomediary’s highly-customizable messaging, translation and enrichment platform provides clients with a competitive advantage by shortening the full-cycle processing time from hours to minutes and expanding banks’ distribution capabilities. 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. 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.
Tim Connelly, Partner-in-Charge of BBH’s Innovation and Product Support Division, which includes Infomediary said, “Our Infomediary team has truly enjoyed working closely with the TDCC and other involved parties for the past year, consulting on the establishment of data formats, sharing message standards and automation expertise from our years of experience with fund messaging and automation projects in other countries.”
Several more leading Taiwanese banks are scheduled to go live on the BBH Infomediary platform within the coming months, including Standard Chartered Bank (Taiwan) Limited. Other participants include numerous local banks, transfer agents, fund promoters and Asian Fund Automation Consortium (AFAC) members such as Aberdeen Asset Management, AllianceBernstein, Baring Asset Management, BlackRock, Fidelity Worldwide Investment / 富達國際投資, Invesco, J.P. Morgan Asset Management, Janus and Schroders.
Lisa Wong, Vice President, Infomediary said “It is my pleasure to work with local banks to advance this initiative, which will benefit the entire industry by leveraging Infomediary’s technology within the local market infrastructure. We are committed to providing exemplary service to all of our clients in the region.”
BBH has enjoyed significant growth in Asia over the past 25 years and the firm continues to increase its investment in the region. With office locations in Tokyo, Hong Kong and Beijing, BBH serves leading institutions in Japan, China, Hong Kong, Singapore, Malaysia, Korea, Taiwan and Australia as a provider of global custody, administration and related services.
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 $3.3 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 June 30, 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.