DST Global
Solutions, the investment technology firm, has signed an agreement with XSP, a corporate
action automator, to develop an integrated corporate actions
solution.

The solution will initially be rolled out in Australia
and New Zealand where DST has had a presence for two decades. It serves more
than 70 per cent of custodians and fund manager firms in the region.

The corporate actions solution will be used for DST’s
flagship investment accounting platform, HiPortfolio, which is used by around
160 investment management organisations, and will be offered as a module
powered by XSP. 

Currently, investment managers face a growing
operational challenge, as manual processes add complexity to corporate actions,
making processing of accurate information across front, middle and back offices
expensive and time consuming.

The collaboration is expected to facilitate availability of a
more robust corporate actions solution for investment managers, backed by the
proven market-leading technologies of both companies, said the firm in a
statement.

Philip Hogan, DST Global Solutions managing director for Asia-Pacific said: “We are responding
to our clients’ desire for improved operational efficiency in corporate
actions. Our joint working relationship with XSP is expected to help reduce
costs and risks for third-party administrators and fund managers automating
corporate actions such as dividends, mergers and acquisitions and rights
issues. HiPortfolio clients will soon have access to XSP’s proven platform
through an integrated corporate actions solution, benefiting from a more
efficient back office with a single point of contact for services and support.”

Under the agreement, both companies will retain
ownership of key intellectual property while leveraging each other’s global
sales and support services. DST Global
Solutions will provide local market support and expertise plus client facing
services including client relationship management, professional services and
pre-sales and sales support, while XSP will provide a tailored corporate
actions solution and sales support for DST
Global Solutions’ front line teams.