Saudi Hollandi Capital taps up Miles Software for asset management automation
Saudi Hollandi Capital (SHC) has selected India-based vendor Miles Software’s Moneyware platform for its asset management.
SHC, a subsidiary of Saudi Hollandi Bank, began its search for a new supplier in 2014. The company, according to Miles Software, was looking to automate ‘its entire operations’ for portfolio management, trust management and back office operations.
Now it’s selected Miles Software, the firm’s Moneyware solution will be replacing SHC’s portfolio legacy system, run by Bahraini vendor Mubasher, as well as the its mutual funds operations, currently managed by Temenos’ T24 platform.
All of SHC’s portfolio and funds management operations will be shifted over to Moneyware following implementation, the vendor says.
SHC will be provided with an integrated CRM, as well as delivery channels through the internet, tablets, mobiles and a call centre.
SHC’s parent company, Saudi Hollandi Bank, initiated proposals to increase its capital by 20% earlier this year, pushing the total to around $1.52 billion.
The rise in capital was established to make way for ‘business activities and growth’ according to Reuters.
Miles Software, which supplies fund and investment/asset management platforms, operates mainly in its home country, the Middle East and Africa, where it has an established presence.
In Africa, the firm largely targets the markets of Nigeria, Ghana and Kenya, where it has on-boarded the likes of Merchant Bank, Cooperative Bank of Kenya and ARM Investment Managers.
The vendor has also made inroads into Western Europe. Among its clients there is Host Capital, a UK-based authorised corporate director, which opted for Moneyware to automate its fund management processes.
Milan Ganatra, CEO of Miles Software, stated that the vendor is investing heavily in risk and investments analytics, and looking to give an increased focus on front-end tools in the future.