News - 2015
30th December 2015
An independent trust and corporate services company with offices in Switzerland, Mauritius, Luxembourg, UK, South Africa and B.V.I. selects Microgen 5Series.
The Group offers high value added international wealth management and corporate structuring solutions to companies, high net worth individuals and their families from its network of global offices, with the majority of administration activity undertaken in its operations centre in Mauritius. After a detailed review of suitable administration software products to replace its legacy software package provided by a Swiss-based vendor, the senior management team determined that Microgen 5Series was the best product to bring significant benefits to its business, and has today signed contracts. In addition to Microgen 5Series’ strong core entity management, accounting and investment management functionality, an important consideration was its comprehensive support for compliance with global tax reporting regulations such as US FATCA and CRS, including the production of XML files for submission to relevant tax authorities. The ability for the business to configure its own workflow processes quickly and easily in Microgen 5Series, both during the implementation process and on an ongoing basis thereafter, provided greater flexibility and configurability than the alternative software products on the market.
16th December 2015
A major UK-headquartered international banking group, with a strong presence in Asia, chooses Microgen 5Series for its global trust and corporate services business based in Singapore and the Channel Islands.
As part of its strategy to invest in and expand its private banking and wealth management business, the bank concluded that the administration software used by its trust and corporate services division, provided by a small Channel Islands-based software vendor, was inhibiting its ability to grow its business whilst at the same time achieve high levels of operational efficiency, management control and regulatory compliance. After a detailed assessment of a range of alternative systems, the bank has today signed contracts for Microgen 5Series to be implemented as the replacement system across its global trust and corporate services business. In addition to Microgen 5Series’ market-leading workflow and compliance capabilities, a key factor in the bank’s decision was Microgen’s large and growing customer base in the trust and corporate services market, including large international banking groups in Singapore, the Channel Islands and other locations. This provided the comfort that Microgen is the right partner to support this major global bank and that Microgen will continue to invest in Microgen 5Series – both enhancing functionality as industry requirements change and using new technological advances for the benefit of Microgen 5Series customers.
4th December 2015
The Singapore office of an international professional services group that focuses on private client advisory, tax and accounting services selects Microgen 5Series.
The Group provides advice, including trust, tax and accounting services, to high net worth individuals and families from its network of global offices. Microgen 5Series has been chosen to support its Singapore operations, with contracts signed today. After a review of alternative software on the market, the Singapore management team quickly determined that Microgen 5Series was the standout system to meet its needs due to its comprehensive and rich functionality for trust and corporate entity management, accounting and investment administration – areas which were not as well-supported in other systems it evaluated. Also important to the Singapore management team was Microgen’s strong recent track record of Singapore-based trust and corporate services providers choosing to implement Microgen 5Series in their businesses.
30th November 2015
A large International fiduciary services group, headquartered in Guernsey with offices in the Caribbean, Switzerland and Asia has chosen Microgen 5Series.
The Group provides trust, corporate services, partnership and foundation solutions to its international client base, and has today signed contracts for Microgen 5Series to be the group-wide replacement of its incumbent system provided by a small Channel Islands-based software vendor. Key to the decision was the management team’s conclusion that there is a compelling business case to implement Microgen 5Series given the improvements in operational efficiency, increased management control and reduced risk that will be achieved compared to continuing with the incumbent software. The quality, strength and depth of Microgen 5Series’ core functionality and its workflow capabilities were critical selection factors, as was the comfort the Group took from Microgen’s large and growing customer base, its local Guernsey office, and its financial strength and ongoing significant investment in Microgen 5Series so that it continues to meet customer requirements and regulations as these evolve.
14th November 2015
STEP Asia and STA Conference (11th, 12th & 13th November 2015)
Microgen attended the STEP Asia and STA Conferences in Singapore, which this year focused on; the future of wealth management in Asia and the role of trustees and their future in wealth management respectively. The conferences provided an opportunity for Microgen to meet both a number of existing customers and to explain to many prospective customers the role that a comprehensive, integrated solution covering trust and corporate service providers’ key administration requirements (Entity Management, Accounting, Investments, Time Recording and Billing), as offered by Microgen 5Series, can play in addressing the business challenges they are facing. The comprehensive global tax reporting functionality and XML file production capabilities available in Microgen 5Series were particularly well received by both existing and prospective customers.
29th October 2015
The largest banking group in Latin America selects Microgen 5Series for its Caribbean trust and corporate services operations.
Following a lengthy and detailed review of competitor systems, the largest banking group in Latin America, has signed contracts to migrate from its legacy trust and corporate services software to Microgen 5Series in its Caribbean operations.
A minimum pre-requisite in the selection process was a solution with comprehensive functionality based on modern technology and the bank also took comfort in Microgen being a large and financially stable public company. An important factor in its decision was also Microgen’s significant experience of working with large banks to deploy its trust and corporate services software and integrate it with other systems used by large banks. The bank concluded that Microgen’s investment to deliver comprehensive support for US FATCA, UK CDOT and CRS, including the production of the correctly formatted files for submission to the relevant tax authorities, negates the need for it either to implement a separate software product for global regulatory tax reporting or pay significant fees to a third party to manage its tax reporting submissions.
7th October 2015
Another Jersey-based provider of international trust and company formation and administration services selects Microgen 5Series.
A long-standing Microgen customer, currently using one of Microgen’s older trust and corporate services software solutions, has today signed contracts to migrate to Microgen 5Series. Although Microgen has no plans to cease support and maintenance of its older trust, corporate services and fund administration software products, this service provider concluded that the benefits offered by Microgen 5Series presented a significant step change in how technology could improve the operational efficiency and management control of its business and that there was therefore a compelling return on investment from implementing it. Microgen 5Series was unanimously selected by the evaluation team after a detailed review of other systems on the market because of its comprehensive functional capabilities, including FATCA reporting, and its user-friendliness. The organisation also took comfort from the investment made by Microgen to deliver a largely automated data migration process for customers moving from older Microgen administration software to Microgen 5Series, and that Microgen retains skilled technical and business consultant teams that understand both the older Microgen software products as well as Microgen 5Series.
6th October 2015
One of the world’s leading accounting, wealth management and professional services networks selects Microgen 5Series
One of the world’s leading accounting, wealth management and professional services networks selects Microgen 5Series to support its trust and corporate services operations in Jersey and Guernsey. After years of coping with older software, and a growing number of inefficient and costly manual processes, this organisation set about a detailed assessment of modern systems and after a thorough review, has selected Microgen 5Series, with contracts signed today. The comprehensive functionality within Microgen 5Series met the needs of the business, and moreover, there were a number of stand-out features that positioned Microgen 5Series as the preferred solution, including highly configurable and flexible Workflow, comprehensive support for US FATCA, UK CDOT and CRS, management KPIs and graphical Dashboards and a simple yet powerful query tool that allows business users quick and easy access to any data. Microgen’s significant ongoing investment in Microgen 5Series, in particular the addition of an in-built document management system (scheduled for release in 2016) was particularly important to this organisation as it invested in its future.
16th September 2015
A leading independent UK fund administrator has signed a multi-year licence extension for Microgen 5Series having concluded that it remains the best-in-class software to support its growing business.
This long-standing Microgen 5Series customer, regulated by the Financial Conduct Authority (FCA), provides Authorised Corporate Director (ACD) services to open-ended investment companies, Authorised Fund Manager (AFM) services to unit trusts and acts as Operator for authorised contractual schemes. Following a recent strategic decision to invest in the growth of its in-house transfer agency activities, a priority was to determine whether its growth plans would continue to be best supported by retaining Microgen 5Series, or whether it would be better served migrating to alternative software. After a thorough assessment of competitor fund software products, the customer concluded that the comprehensive transfer agency functionality of Microgen 5Series, together with its scalability and the benefits the customer would gain from Microgen’s ongoing investment in the software, meant that Microgen 5Series was the best software available to support its future growth. As a result it has proceeded to commit to a multi-year contract extension for Microgen 5Series.
16th July 2015
Microgen acquires Jobstream Group Limited
Microgen announces the acquisition of Jobstream Group Limited (‘Jobstream’) from LT Group Limited. This acquisition continues the defined strategy of growing Microgen’s Trust and Fund Administration software business through the continuation of new sales success and from making selective, suitable acquisitions. Jobstream is a Cambridge-based provider of wealth management software for the offshore finance industry and will be integrated into Microgen’s Financial Systems business. Jobstream, together with the acquisitions of Unity Software Limited at the end of 2014 and Finalysys Limited in June 2015, provides the Microgen Financial Systems business with an increased client and recurring revenue base within its core Trust & Fund Administration software sector.
18th June 2015
A new trust and corporate service provider based in Switzerland signs for Microgen 5Series
An experienced team of trust industry professionals, which has recently set up a new trust and corporate services provider in Switzerland, has chosen Microgen 5Series administration software to support the business. In addition to the strong reputation of Microgen and Microgen 5Series in the market, the business was keen to ensure that it was implementing administration software from a vendor that would continue to enhance it to meet the changing needs of the market in the future. The team had previous experience of a range of alternative administration software products, but were impressed by Microgen’s significant and ongoing investment in the product, for example in FATCA compliance functionality, and this provided comfort to the team that it was investing in a solution that would be able to support its business for many years to come.
15th June 2015
STEP Cyprus Conference
Microgen attended the STEP Conference in Cyprus which this year focused on strategic planning for Cyprus as a financial centre, the OECD’s BEPS project, the legitimacy of tax planning in today’s world and a comparative perspective of funds (Luxembourg, Ireland, Malta and Cyprus). The conference provided an opportunity for Microgen to meet both a number of existing customers and to explain to many prospective customers the role that a comprehensive, integrated solution covering trust and corporate service providers’ key administration requirements (Entity Management, Accounting, Investments, Time Recording and Billing), as offered by Microgen 5Series, can play in addressing the business challenges they are facing.
9th June 2015
Microgen acquires Jersey-based Finalysys Ltd
Microgen announces that it has acquired Jersey-based Finalysys Ltd, a wealth management software provider for the offshore finance industry. Finalysys will be integrated into the Microgen Financial Systems business. A key element of the strategy of the Financial Systems business is to increase the proportion of its revenue derived from wealth management software through add-on acquisitions. This acquisition provides the Financial Systems business with an increased client and recurring revenue base within its core Trust & Fund Administration sector.
1st June 2015
A Bahamas investment management company signs for Microgen 5Series
The Bahamas-based division of a large financial services conglomerate has selected Microgen 5Series to support its broker-dealer investment management business. Following a detailed and comprehensive assessment of systems in the market, this investment management organisation selected Microgen 5Series because of the broad range of investment products supported, integration with World-Check for AML purposes and the Microgen 5Series Dashboard functions that will allow its staff to better monitor and manage what is going on across the business and check that its clients’ investments are in line with expectations.
11th May 2015
STEP Caribbean Conference
Microgen attended the STEP Caribbean Conference for the 12th consecutive year. This year’s conference was held in Sint Maarten and the key theme was “Change is the new norm, Disruption is the status quo, Opportunities come to those who embrace the new global reality”. The agenda covered the ways in which organisations need to adapt to the new regulatory paradigm and how to plan in the new world. The conference provided an opportunity for Microgen to meet a large number of our existing Caribbean-based customers and to explain to many prospective customers the role that new, modern technology like Microgen 5Series can play in addressing the major issues they are facing.
21st April 2015
An international corporate services provider, headquartered in Switzerland signs for Microgen 5Series.
With offices in Switzerland, other European countries, Asia-Pacific and the Caribbean, the organisation selected Microgen 5Series to replace multiple disparate legacy software packages. The implementation of Microgen 5Series will provide a complete single system on which the organisation can operate its business and will eliminate the duplication of activities and inefficiencies that exist today. Key considerations in selecting Microgen 5Series were its comprehensive support for FATCA and the ability to improve operational efficiency and control through use of its Workflow functionality.
14th March 2015
A global, independent provider of trust and corporate services, with 14 offices and over 600 employees extends its use of Microgen 5Series as it grows further through acquisition.
A long-standing Microgen 5Series customer continues its rapid growth through yet another acquisition which sees a further roll-out of Microgen 5Series to support its key business operations. Operating a decentralised model, the customer can still very quickly deploy a pre-configured Microgen 5Series database defining all the corporate accounting structures, fee schedules, operating methods and workflows, to then be tailored with a minimum set of changes required for location specific business needs.
11th January 2015
Microgen 5Series v4.6 Released.
Microgen releases its latest version of Microgen 5Series introducing a range of new functionality including new dashboard/key performance indicator functionality, which provides graphical displays of user defined information with real-time drill down capabilities. This powerful tool assists with the monitoring and management of KPIs and other key information.
Other new functionality in the latest version includes further flexibility in the User Defined Query tool to enable users to interrogate user-defined fields and registers; the ability to record time against, and invoice from multiple companies for the same entity; and the ability to store and link contact information to multiple entities from a centralised store of contacts.
5th January 2015
The investment management division of a major Caribbean-based conglomerate signs for Microgen 5Series.
The division of a large and long-established financial services group has selected Microgen 5Series to support its innovative investment management business. In addition to finding a system that met its wide-ranging business requirements from a proven supplier, the service provider was keen to minimise its initial cash outlay on systems and found Microgen’s annual licence fee model, with no up-front purchase cost for the software, particularly attractive.