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The 2008 “Next Generation” Transfer Agency Systems Review examines 13 licensable, modern architecture (n-tier, SQL database, object-oriented) systems capable of supporting shareholder accounting in U.S., European, Asian and offshore environments. The Review utilizes a consistent format to provide structure to each system review and to facilitate comparison of the systems covered. Since answers to many questions on system design, functionality and usage are not always black and white, the Review is written in a combination of expansive paragraph form and check-box format. In addition, each system reviewed includes unattributed feedback from a range of system users. The systems reviewed are from vendor firms headquartered in Australia, Canada, the Czech Republic, France, India, Ireland, Luxembourg, the UK and the U.S.

The 13 systems included in the 2008 Review are:

• ARBES Group, ARBES TA
• Bravura Solutions, Rufus GTA
• Envision Financial Systems, PowerAgent
• HWM Professional Services, ManTra
• IFDS Canada, iFAST
• i-flex solutions, FLEXCUBE Investor Services
• IGEFI Group Sárl, MultiFonds TA
• Koger, Inc., NTAS
• Linedata Services, MShare and MPartner
• Luna Technologies, MStar TA
• Mutual Fund Technologies Ltd, GFAS
• Riva Financial Systems, Riva TA
• RPM Technologies, R•Funds

The Review contains an introductory section describing the evolving nature of transfer agency technology. In addition, this section includes graphical representations of key data gathered from each of the vendor’s systems. The Review also includes a glossary defining both “next generation” and transfer agency terminology.

Research Process: The research process is completed as follows: First we review our outline with a range of senior industry professionals to ensure that functionality required by current regulatory and operational imperatives is included. We next work extensively with each vendor to understand and document the system’s current capabilities, gather detail on recent and planned system enhancements and initiatives, and to update information relating to the vendor firm.

Once this has been completed, the next phase involves interviewing a minimum of three clients of each system, to provide unattributed feedback and commentary on all aspects of system functionality and the vendor organization. These interviews are held with operational staff who utilize the system on a daily basis, and thus have significant working knowledge of the system’s capabilities. When possible, we also interview senior managers at the client firm in order to include their perspectives on the system and vendor relationship. In addition to representative clients provided to us by system vendors, Barrington Partners also accesses our proprietary database to identify system clients for interview purposes. Client interviews are quite lengthy and detailed, addressing specific functionality utilized by each client.

The final phase of our research process is gaining ‘sign-off ’ on each system review from both the vendors and interviewed clients, to ensure that we have accurately captured the information provided. Historically we have found a high level of consistency among most client comments, but the Review will reflect varying positions when views differ. Barrington Partners respects the confidentiality of each client interview, and does not disclose the source of client comments.