Technology
Bahamas Fund Administrator Genesis Adopts IPBS Software
Bahamas-based fund administrator Genesis Fund Services has adopted the Business Manager, Mutual Funds and Share Registry modules, as well as the e-Banking platform provided by International Private Banking Systems, to automate its back office processes.
Genesis said that previously its back office processes were carried out by various software vendors and that it aims to streamline these processes and reduce the risk of error through its selection of IPBS’ software.
"The IPBS modules allow us to manage fund accounting and shareholder registry services along with clients and related parties from a 'know your customer' and 'anti-money laundering' viewpoint. It ensures that we are able to mitigate any operational risks that we may face,” said Antoine Bastian, Genesis’ managing director.
One of the benefits cited by the firms is that IPBS uses a single entry accounting system, meaning that transactions posted in one module that affect records in another are automatically updated and reflected in all other modules.
Other features of IPBS’ software include: the ability to consolidate, in a portfolio or funds view, all of a shareholder’s holdings in any number of funds and/or fund classes, and the incorporation of the funds share register as part of the funds accounting records - making the net asset valuation calculation available at the click of a button, the firm said.
Genesis provides boutique administrative services to hedge fund managers, commodity pool operators, family offices, banks and trust companies, and high net worth individuals from within the Bahamas.
IPBS, which was founded in 1993, provides software for financial institutions including international private banks, trust companies, mutual fund administrators, wealth management professionals and investment and asset managers.
The firm is headquartered in the Bahamas, operating in a number of locations globally including North, South and Central America, the Cayman Islands, the Turks & Caicos Islands, Bermuda, Barbados, Jamaica, Anguilla, Uruguay, Vanuatu and Panama.
