The Bank of New York has soft launched an enhanced version of the Rufus fund administration system....
The Bank of New York has soft launched an enhanced version of the Rufus fund administration system.
Rufus, which is used by around 25% of the retail funds industry, can now accept partial Pep transfers. In addition the bank is to bring in a consultancy service to help fund managers make full use of the improvements.
Roger Townsend, managing director of Bank of New York's software house, said the group is looking to use its experience as a third party administrator and software developer to offer a more commercially focused service. He added: 'The consultant service will become a distinct business division, drawing on our experience and encompassing the outsourcing of administration, the transfer agency, accountancy and implementation.'
The bank will offer training services and guidance on the implementation of new workflow management processes, as well as in converting unit trusts into Oeics.
As from September intermediaries will be able to request fund valuations electronically from those groups using the Rufus system via Emx.
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