UMB Fund Services Upgrades Investor Recordkeeping with Envision Financial Systems Platform

In a significant move to modernize its investor services technology, UMB Fund Services has successfully transitioned its Transfer Agency services to Envision Financial Systems' comprehensive investor recordkeeping platform. The conversion, completed earlier this month, represents a major upgrade from UMB's previous system, which had been in place for over 20 years.

This technological advancement is poised to have far-reaching implications for the asset and wealth management industry. UMB Fund Services, known for its leadership in registered and alternative investment fund services, including mutual funds and interval and tender-offer funds, will now be able to leverage Envision's state-of-the-art platform to enhance its service offerings and operational efficiency.

The transition to Envision's platform is expected to bring about significant improvements in automation and controls, crucial for handling the increasing complexities and requirements of modern investment products. Tom Wiedecker, executive vice president at Envision, emphasized the importance of this upgrade, stating that it will bring modernization and increased ease and automation to UMB's operations.

Uma Wilson, UMB's executive vice president and chief information and product officer, highlighted the benefits of this conversion for both customers and associates. The new system is anticipated to streamline processes, reduce manual workload, and provide a more robust technological foundation for UMB's services.

Mike Huisman, UMB senior vice president and director of Transfer Agency, pointed out that the move to Envision's platform is strategically aimed at automating processing, modernizing their service model, and positioning UMB for new business opportunities. This suggests that the upgrade could potentially lead to expanded service offerings and improved competitiveness in the market.

The significance of this technological advancement is further underscored by Envision's recent recognition from Nicsa, a prominent industry trade association. Envision's investor recordkeeping platform received the Industry Innovation in Technology award at Nicsa's Asset & Wealth Management Summit in Boston, specifically for its ability to eliminate manual work in on-system tender-offer and capital-call processing and reporting.

This upgrade comes at a time when the financial services industry is increasingly focusing on digital transformation to meet evolving client needs and regulatory requirements. By adopting Envision's platform, which supports over $6 trillion in investor assets, UMB is positioning itself at the forefront of this technological shift in the asset and wealth management sector.

The implications of this upgrade extend beyond UMB and its immediate clients. As a major player in the investment fund services arena, UMB's technological advancement could set a new standard for the industry, potentially influencing other firms to reassess and upgrade their own systems. This could lead to a broader industry-wide shift towards more advanced, automated, and efficient investor recordkeeping practices.

Moreover, the enhanced capabilities provided by Envision's platform could enable UMB to offer more sophisticated and tailored services to its clients. This could include improved reporting, faster processing times, and more flexible fund management options, all of which are increasingly important in the competitive landscape of investment services.

As the financial industry continues to evolve, with increasing emphasis on technology-driven solutions and regulatory compliance, upgrades like this one by UMB Fund Services are likely to become more common. The successful implementation of Envision's platform at UMB could serve as a case study for other firms considering similar technological overhauls, potentially accelerating the pace of digital transformation across the sector.