Invesco Perpetual hands over back-office duties

MFT’s Global Fund Administration System to take control of transfer agency, reports Roxane McMeeken. Invesco Perpetual is the latest convert to the hands-free back office services of Fidelity offshoot Mutual Fund Technologies (MFT). It will use MFT’s Global Fund Administration System (GFAS) for record keeping and transfer agency. GFAS combines a call centre service with straight through processing and foreign exchange capabilities. It processes buy and sell orders in multiple currencies for multiple types of investment product, all without the need for manual intervention. Invesco Perpetual’s transition to GFAS, scheduled for completion in September, should streamline the business, placing UK and offshore operations on a single global platform. The firm’s operating chief, Anthony Myers, said that besides improving efficiency and reducing errors, the move would enable Invesco Perpetual to “syndicate the cost of the continued development of the system”. Fidelity’s fund management arm was the first funds house to go live with GFAS late last year. The GFAS platform supports messages to Vestima, the funds processing product run by Clearstream Banking, but is in talks regarding linking to Euroclear’s FundSettle as well.