DSTi's locally developed funds management solutions sold to Riyad Bank, Saudi Arabia
- 07 September, 2006 08:52
<p>Riyad Bank (Saudi Arabia) selects fully integrated Asset Management solution suite from DST International</p>
<p>Australian developed HiPortfolio/3 and HiTrust solutions continue to be implemented around the world</p>
<p>Sydney 7 September, 2006 – DST International, the leader in business solutions for the financial services industry, announces today that Riyad Bank will equip its full Asset Management Department with an end-to-end integrated solution suite for the front, middle and back office with DSTi’s HiPortfolio/3, HiTrust and HiWealth solutions.
The new environment will be implemented in 2 phases, HiPortfolio/3 and HiTrust go live in phase one. The HiTrust functionality, specifically aimed at the distribution of funds will be accessible through the Riyad Bank intranet and used by some 300 bank branches in Saudi Arabia. The new environment will facilitate full straight through processing and cater for the various needs of the asset management front office, risk management and investment operation...
Mr. Abdul Aziz S. Al-Malki, EVP Treasury and Investment at Riyad Bank states: “The investment industry in the Middle Eastern region is rapidly developing and we are determined to enable our clients to benefit from this momentum by putting a highly sophisticated process and systems environment in place. DSTi clearly offered the widest range and depth of functionality in an integrated solution of the short-listed vendors. We were also keen to implement this project with DSTi for they have a long track record and stake in this industry.”
"DSTi has worked with Riyad Bank since the early nineties and we are delighted with their decision to sign for DSTi's fully integrated solution across their mutual fund and private client fund management operations. DSTi's solution will allow Riyad Bank complete control of their automated mutual fund distribution and unit registry, enabling them to derive maximum operational efficiency.", said Mike Winn, DSTi's CEO.
"By choosing DSTi's solution for the Asset Management Application Project, Riyad Bank shows an appreciation of DSTi's commitment to the Middle Eastern market. We look forward to building on the strong relationship we already have with them."
About DST International (DSTi)
With 19 offices and over 1500 professionals to support its growing client base, DST International provides a unique and comprehensive range of investment management and work management software solutions and related services to over 700 clients in 55 countries. www.dstinternational.com
About DST Systems, Inc.
Our parent company, DST Systems, provides sophisticated information processing and computer software services and products that help clients improve productivity, increase efficiencies, and provide higher levels of customer service. DST is organised into two operating segments: Financial Services, and Output Solutions. DST operates one of the most advanced data centres in the world, which provides information-processing services to support the products within each operating segment. These products are further enhanced through the integration of DST’s advanced technology and e-commerce solutions. www.dstsystems.com
About Riyad Bank
Riyad Bank is one of the largest and most well respected financial institutions in Saudi Arabia, with a strong and growing corporate and retail banking franchise in both Shariaa compliant and conventional banking. The Bank is an acknowledged leader in the area of corporate banking & finance for the Oil, Gas, Petrochemical and Power and Water sectors. The bank’s full service approach is delivered through an accessible network of 195 branches and 687 multi-function Automated Teller Machines and a continually enhanced telephone, Internet and mobile banking service. Riyad Bank was awarded “A” and “A-1” credit ratings for its long and short term liabilities respectively, by Standard & Poor’s. More information: www.riyadbank.com.</p>