UMB Fund Services Modernizes Transfer Agency with Envision Financial Systems' Platform

In a move that signals a major shift in the asset management and fund services industry, UMB Fund Services has successfully transitioned its Transfer Agency services to Envision Financial Systems' advanced investor recordkeeping platform. This conversion, completed earlier this month, represents a substantial modernization effort for UMB, replacing a system that had been in use for over two decades.

The transition to Envision's platform is expected to bring about significant improvements in automation, processing efficiency, and service delivery for UMB Fund Services. This development is particularly noteworthy given UMB's prominent position in the industry, serving a wide range of registered and alternative investment funds, including mutual funds, interval funds, and tender-offer funds.

Uma Wilson, Executive Vice President and Chief Information and Product Officer at UMB, emphasized the benefits of this transition, stating, "We're excited to replace a system that had been in place for more than 20 years. This conversion will benefit both our customers and our associates." The move is anticipated to enhance UMB's ability to manage the increasing complexities and requirements of various investment products.

The adoption of Envision's platform allows UMB to consolidate its operations by sunsetting several ancillary systems built over the years. This consolidation is expected to lead to a more streamlined and efficient operating model, potentially reducing operational costs and improving service quality for UMB's clients.

Mike Huisman, Senior Vice President and Director of Transfer Agency at UMB, highlighted the strategic importance of this conversion, saying, "We have converted to Envision to help us automate processing, modernize our service model and position ourselves for new business opportunities." This statement suggests that UMB views this technological upgrade as a means to not only improve current operations but also to expand its market presence and capture new business in the competitive fund services landscape.

The selection of Envision's platform by a major player like UMB underscores the growing importance of advanced technology solutions in the financial services sector. Envision's platform has recently gained industry recognition, receiving the Industry Innovation in Technology award from Nicsa for its capabilities in automating tender-offer and capital-call processing and reporting.

This technological advancement comes at a time when the asset and wealth management industry is facing increasing pressure to improve operational efficiency, reduce costs, and enhance client services. The adoption of more sophisticated recordkeeping systems like Envision's platform can help fund service providers like UMB to better manage the complex requirements of various investment products and respond more quickly to changing market conditions and regulatory requirements.

For the broader financial services industry, this move by UMB signals a trend towards greater automation and technological integration in back-office operations. It highlights the critical role that advanced software platforms play in enabling financial institutions to scale their operations, improve accuracy, and offer more sophisticated services to their clients.

As the industry continues to evolve, with new investment products and regulatory changes on the horizon, the ability to leverage flexible and comprehensive recordkeeping systems will likely become a key differentiator for fund service providers. UMB's transition to Envision's platform positions it to better navigate these future challenges and opportunities, potentially setting a benchmark for other firms in the industry to follow.