Milestone nabs Jupiter as client for NAV technology
Milestone Group has announced Jupiter Asset Management will use its pControl Oversight technology solution to automate collection of fund valuation data and to assist the verification of daily net asset value (NAV) prices.
The technology will be applied to Jupiter’s unit trusts, Sicavs and investment trusts (UK-based closed ended funds).
Milestone notes that Jupiter’s business growth has led it to offer funds out of both the UK and Luxembourg, involving different regulatory frameworks. The implementation of the technology is intended to standardise daily oversight of fund operations, remove manual input into the validation process, and make it easier for Jupiter to scale up its business.
Andy King, Supplier Relationships director at Jupiter said: “With the phenomenal growth in our fund range in the last few years, we realised it was time to review our manual approach to oversight. Installing pControl Oversight has enabled us to automate all of the heavy lifting and standardise our validation approach, meaning we can now execute our NAV testing in a more robust and timely manner. We’re now very well equipped for the future and can focus on adding real value to our business and our clients.”
Milestone said that increasing regulator pressure would encourage more asset managers to seek out more automated solutions to support operational functions.