The Herald Group has announced the selection of PFS-Paxus as its core infrastructure system for its recently established fund administration business, Herald Fund Services.
The Herald Group has announced the selection of PFS-Paxus as its core infrastructure system for its recently established fund administration business, Herald Fund Services.
Founded in 1986, Herald is one of the oldest independent Jersey trust companies. More recently Herald has made a decisive move into the fund administration arena to complement its existing services. Herald Fund Services was established in 2008 to meet the fund administration needs of the group’s client base and intermediary network.
Although widely used in many other offshore administration centres, the selection of PFS-Paxus brings this fund administration software to the Channel Islands for the first time.
The PFS-Paxus design and architecture brings together the components of fund administration into a single integrated system. PFS-Paxus consists of a securities module, foreign exchange module, share registry module, general ledger module, fee calculations and reporting. All these modules are fully integrated in one application.
Mike Capraro, Herald Fund Services managing director (pictured), says: ‘We wanted to bring the efficiencies of an integrated system into our business from the outset. It is important that we have the right building blocks in place to attract and maintain fund administration business. Selecting the right system is a key ingredient to achieve the high levels of client service to which we aspire.’
Graeme Vollemaere, managing director of Pacific Fund Systems, says: ‘We are delighted that Herald has selected PFS-Paxus. In today’s investment climate we are expecting increased interest in non-traditional investments and we believe that Herald and the Jersey finance industry are well positioned for that market. We look forward to supporting Herald’s system requirements over the years to come.’
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