South Africa’s third-largest investments manager, STANLIB, will use software from an Australian funds administration vendor to perform fund processing functions across its institutional and retail businesses.

Milestone Group’s pControl solution, which provides end-to-end processing and accounting operations for funds managers, was chosen by STANLIB to replace its internally-built system to perform a range of functions, including unit pricing, and price and asset level validations.

STANLIB, whose businesses include institutional and retail funds management, oversees $45 billion in funds under management and is Milestone Group’s first client in South Africa.

The company also licensed pControl’s reconciliations capability to integrate into the main product.

Shawn Smith, chief investment officer of STANLIB, said the pControl’s global applicability and end-to-end support of business processes were key reasons why it was chosen.