Read this Press Release in Chinese.
Hong Kong, February 22, 2011 – Brown Brothers Harriman & Co. (BBH) announced today that it has reached a significant milestone in an industry-wide fund automation initiative with the largest fund promoters and distributors active in the Taiwan market.
BBH has launched an innovative new service with several leading Taiwanese banks and fund promoters that will convert previously fax-based order flows into ISO 20022 industry-standard format messages and transmit them through the SWIFT network and provide a corresponding order confirmation message from the Transfer Agent. BBH’s Infomediary platform currently supports SWIFT based order flows from Taiwan’s SWIFT enabled distributor banks to global fund promoters.
The Infomediary solution now enables distributor banks to send order files directly from their accounting systems to globally based fund promoters/transfer agents and in turn automatically receive corresponding status and confirmation messages back into the accounting system, enabling straight through processing (STP) of a previously manual and cumbersome process.
The initiative has won the support of the Asian Fund Automation Consortium (AFAC), whose members account for approximately 80% of Asia cross-border fund flows, and other global fund promoters. The AFAC participants with BBH’s initiative include AllianceBernstein, Baring Asset Management, BlackRock, Fidelity International, INVESCO Asset Management, Janus Capital Asia Limited, J. P. Morgan Asset Management, and Schroder Investment Management LTD. E. Sun Bank in Taipei is among the first distributor banks to test and adopt the service. BBH is also working with additional global asset managers and distributor banks in the region who are interested in the solution.
"Automating our order flow will greatly improve our operational efficiency and reduce risk associated with faxes and manual order processing.” says Simone Thelen, Vice President and General Manager of AllianceBernstein Investor Services and AllianceBernstein Investments. “AllianceBernstein is pleased to participate in this important industry initiative."
Joe Conway, Global Head of Sales and Marketing for BBH Infomediary, based in Hong Kong says, “Asia is a major growth market for cross-border fund promoters. Lack of fund order straight through processing in Asia has been one of the industry’s most intractable problems for over 10 years, with 95% of fund order flows being processed manually. BBH’s focus on a solution for the Taiwan market is driven by client guidance as to where they face the greatest challenge. We are pleased that BBH’s Infomediary connectivity and messaging platform could provide a solution to automate the flows for both fund promoters and distributors, reducing risk in the process.”
Since its inception in 2001, Infomediary has streamlined clients’ operations with its highly customizable communications hub. Infomediary provides data translation, transformation and transmission services to many of the world’s largest asset managers and insurance companies, as well as transfer agents, distributors, and regional banks. Infomediary solutions have been applied to 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.
BBH has enjoyed significant growth in Asia over the past 25 years and the firm continues to increase its strategic investment in the region. With office locations in Tokyo, Hong Kong and Beijing, BBH serves leading institutions in Japan, China, Hong Kong, Singapore, Korea, Taiwan and Australia as a provider of global custody, administration and related services.
About Brown Brothers Harriman
A global leader with close to 200 years of experience, BBH is a financial services firm that helps many of the world's most sophisticated mutual funds, investment managers, banks and insurance companies achieve their international business objectives. The Firm’s partnership structure and close management allows independence and alignment of interests with its clients, creating lasting relationships built on a foundation of integrity, experience, and trust. BBH’s Investor Services business provides cross border, institutional administration and execution services for many of the world’s leading asset managers and financial institutions in close to 100 markets. With approximately $2.8 trillion in assets under custody1, BBH is consistently ranked among the world's top global custodians, asset administrators, foreign exchange, and securities lending providers2. For more information about BBH's differentiated approach, please visit www.bbh.com.
1 As of December 31, 2010
2 As measured by results in major industry surveys. Please see www.bbh.com/accolades for a comprehensive listing of recent industry accolades. Infomediary is a registered service mark of Brown Brothers Harriman & Co. in the United States and other countries.