Jupiter chooses Milestone for NAV oversight 05 April 2017London Reporter: Stephanie Palmer
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Jupiter Asset Management has selected Milestone Group’s pControl Oversight solution to provide automated collection of fund valuation data and verification of daily net asset value (NAV) prices.
The solution provides oversight for Jupiter’s unit trusts, variable capital open-ended collective investment funds and investment trusts in the UK and Luxembourg.
It is designed to reduce manual validations and provide scalability for NAV verification, within the necessary operational timeframes.
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.”
Paul Roberts, managing director of Milestone Group in Europe, the Middle East and Africa, added: “Increasing regulatory pressure is causing asset managers to look for a fully automated oversight solution that can offer certainty around this key function.”
“With Jupiter, the deployment accommodated the additional challenge of a third-party service provider migration, providing continuity of a strong control environment. pControl Oversight provides Jupiter with a high level of assurance over NAV accuracy, as well as the option of deploying a backup or contingency NAV should that requirement arise in the future.”
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