BMO picks Milestone Group for NAV control 15 October 2012Toronto Reporter: Georgina Lavers
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The Bank of Montreal has selected Milestone Group’s pControl platform to automate the management and control of its NAV production and validation processes, as well as distribution processing.
BMO will also be using pControl’s Distribution Processing solution, which automates the capture, calculation, allocation, accrual and settlement of income distributions for individual funds and across interfunded investment structures.
“We are committed to excellence in investment fund administration and client service. We believe that pControl will move us forward in our ongoing quest to deliver this,” said Steven Hokansson, vice president, Investment Funds Group, BMO Financial Group.
“Throughout our operations we are focused on managing operational risks while improving the efficiency and scalability of our business. Milestone Group’s pControl platform provides us with the architecture to innovate and in effect reinvent how fund administration is performed in Canada.
"pControl’s focus on automation of NAV production and related fund accounting operations promises to deliver significant cost efficiency, risk mitigation and operational transparency to BMO.”
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