UMB Fund Services Upgrades to Envision's Investor Recordkeeping Platform

In a move that could signal a shift in the asset management industry's approach to investor recordkeeping, UMB Fund Services has completed the transition of its Transfer Agency services to Envision Financial Systems' comprehensive software platform. The conversion, announced on November 19, 2024, represents a major upgrade for UMB, replacing a system that had been in use for over two decades.

The adoption of Envision's platform by UMB, a leader in registered and alternative investment fund services, underscores the growing need for advanced automation and controls in handling increasingly complex product requirements. This transition is expected to streamline UMB's operations, allowing the company to sunset several ancillary systems and implement a more efficient operating model.

Mike Huisman, UMB Senior Vice President and Director of Transfer Agency, highlighted the strategic importance of the move, stating, "We have converted to Envision to help us automate processing, modernize our service model and position ourselves for new business opportunities." This sentiment reflects the broader industry trend towards digital transformation and operational efficiency.

The implications of this transition extend beyond UMB itself. As a major player in the fund services sector, UMB's adoption of Envision's platform could influence other firms to reevaluate their own technology stacks. The move towards more advanced recordkeeping systems could lead to improved accuracy, faster processing times, and enhanced client services across the industry.

Envision's platform has already garnered industry recognition, recently winning Nicsa's Industry Innovation in Technology award for its automation of tender-offer and capital-call processing and reporting. This accolade, combined with the successful onboarding of a client of UMB's stature, positions Envision as a key player in the ongoing technological evolution of the asset management industry.

As the financial services sector continues to grapple with increasing regulatory requirements and client expectations, the adoption of advanced recordkeeping platforms like Envision's could become a competitive necessity. This transition by UMB Fund Services may well be a harbinger of broader industry changes to come, potentially setting new standards for operational efficiency and client service in the asset management world.