DST buys unit registry business
Investment management software supplier DST International (DSTi) has picked up Melbourne based unit registry developer MaxTrak Technology for a sum described as “multi-millions”.
Investment management software supplier DST International (DSTi) has picked up Melbourne based unit registry developer MaxTrak Technology for a sum described as “multi-millions”.
MaxTrak produce the Maxtrust unit trust administration system which DSTi managing director Ian Mathieson says will fit into DSTi’s existing product range.
"We view this purchase as leading edge technology which has been demonstrated by the quick sales in the market. We plan to add our abilities in distribution and support to the product which until now has been beyond MaxTrak's means," Mathieson says.
DSTi is the leading software supplier to mutual funds in the US and services 40 per cent of the market, according to Mathieson. While the situation in Australia is on a different scale, he says DSTi still has significant size.
"In terms of investment portfolio management, we still have a lion’s share of the market while unit registry is still a young market in Australia," Mathieson says.
"At present our main customers are fund managers and banks who service financial planners and superannuation funds. The design of the MaxTrak systems are well suited for retail use and the next step is software and services for financial adviser networks and the individual."
DSTi formed an alliance with Perpetual Fund Services about two years ago to provide back office services to fund managers. Rothschild was the first fund manager to sign on to the service.
Mathieson says the Asian market has much potential and are still new to the company as it tries to break out of the beachhead it has already established in Hong Kong.
"We are moving into Thailand and Japan and as the industry matures in the region we hope to move into China and other growing Asian markets," Mathieson says.
AUTHOR
Jason Spits
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