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FRS provides end-to-end investment administration software for individual and collective products.
Dublin, Ireland – 21 January 2021 Financial Risk Solutions (FRS), is pleased to announce the adoption of its wealth management technology by Providence Group for powering their ProviTrade platform and Providence Life Limited life assurance products. Providence Group is an offshore life assurance and investment advice company offering savings, retirement, portfolio bond products and platform accounts for professional expats worldwide. Powered by FRS technology, Providence Group's new digital investment platform ProviTrade extends their offering to include portfolio and open architecture investment products to scale their business.
FRS provides technology for the end-to-end management and administration of personal investment accounts on ProviTrade. It comprises a white-labelled, multi-currency digital investment portal for ProviTrade’s clients and their financial advisers to manage their assets, transact, and view valuation statements in real-time. This portal then connects to FRS’s back-office investment administration system Invest|Pro™ for straight-through-processing (STP), ensuring a seamless investment process for both Providence Group and its end clients.
In launching the platform, Providence Group chose to invest in a modern, secure and scalable investment administration system offered by FRS to meet the growing digitisation demands that clients now expect when managing investment portfolios. In doing so, Providence Group also significantly reduces manual processing and the associated operational risks involved in running investment operations.
The project was delivered remotely to the group’s United Arab Emirates administration hub Providence Administration Services, with Providence Group hosting the Invest|Pro™ installation in the cloud to support scalability and business continuity. The solution has assisted Providence Group to:
Austin Blair, CEO at Providence Life said;
“FRS has been instrumental in the development of ProviTrade. Their expert team and best-of-breed technology has ensured we have built a world-class digital wealth platform to serve the growing needs of professional expats. The efficiency gains already realised through InvestPro will allow us to focus on growing our business.”
Frank Carr, Chief Marketing Officer at FRS commented;
“Providence Group is an excellent example of an international life assurance company evolving to meet the changing needs of its clients and offer the digital experience they now demand, and it’s great to onboard them as a new client in the wealth sector. We are confident that with InvestPro powering the investment administration of portfolio bonds, Providence Group will enjoy all the operational benefits our technology provides as well as enable them to scale their business even further.”
Manufacture funds and automate multiple complex fund administration processes, manage oversight and regulatory reporting.
Deliver robust, scalable fund and investment administration services with real-time oversight of operational activity.
Grow distribution by empowering advisors and clients to manage assets, transact and view valuation statements.
Reduce operational costs, increase efficiencies and mitigate risk with continuous oversight of fund manufacturing.
Asset and Portfolio Valuations for Asset Management
Cash Allocation and Rebalancing for Asset Management
Fund Performance for Asset Management
KID production for PRIIPs for Asset Management
Oversight and Resilience for Asset Management
Reconciliations for Asset Management
Unit Pricing and NAV for Asset Management
Life and Pensions
Asset Valuations for Life and Pensions
Cash Allocation & Rebalancing for Life and Pensions
Charges for Life and Pensions
Fund Performance for Life and Pensions
General Ledger for Life and Pensions
KID production for PRIIPs for Life and Pensions
Oversight and Resilience for Life and Pensions
Reconciliations for Life and Pensions
Self-service web portal for Life and Pensions
Solvency II QRTs for Life and Pensions
Solvency II Unit Matching for Life and Pensions
Tax Accruals for Life and Pensions
Trade Order Management for Life and Pensions
Unit Pricing and NAV for Life and Pensions
Outsourced Fund Administration
Asset Valuations for Outsourced Fund Administration
Cash Allocation & Rebalancing for Outsourced Fund Administration
Charges for Outsourced Fund Administration
Fund Performance for Outsourced Fund Administration
General Ledger for Outsourced Fund Administration
KID production for PRIIPs for Outsourced Fund Administration
Reconciliations for Outsourced Fund Administration
Tax Accruals for Outsourced Fund Administration
Trade Order Management for Outsourced Fund Administration
Unit Pricing and NAV for Outsourced Fund Administration
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Terms and Conditions
Cash Allocation and Rebalancing for Wealth Management
Charges for Wealth Management
General Ledger for Wealth Management
KID production for PRIIPs for Wealth Management
Oversight and Resilience for Wealth Managers
Performance Measurement for Wealth Management
Portfolio Valuations for Wealth Management
Reconciliations for Wealth Management
Self-service web portal for Wealth Management
Tax Accruals for Wealth Management
Trade Order Management for Wealth Management
Unit Pricing and NAV for Wealth Management