Milestone Group, a provider of optimised fund processing solutions, has announced the establishment of pControl Africa, a joint venture between Milestone Group and domestic provider Global ASP.

Operating from a new office in Cape Town, pControl Africa will afford African clients the combined benefit of Global ASP’s local knowledge and hosting capability with Milestone Group’s global technological expertise.

Global ASP is a provider of hosted applications to the retirement fund and asset management industry in South Africa.

Paul Roberts, responsible within Milestone Group for supporting pControl Africa as Chairman, said: “We are delighted to be partnering with Global ASP, whose entrepreneurial and innovative nature mirrors our own. We have enjoyed tremendous success in building out our South African business to date, and establishing a ground presence is the natural next step, signalling our commitment to the African market.”

“Through pControl Africa we will deliver significant efficiency gains to the African investment market, and support the growth not just of domestic firms, but also those with an international presence or aspiration,” he said.

The move fulfils Milestone Group’s plan to create a presence on the ground after building a critical mass of business in the region.

While pControl Africa’s initial objective will be to consolidate the local offering, its eventual aim is to win substantial new business across the continent.

The new subsidiary will be run by Robert Chung, who brings the benefit of 20 years’ experience within the South African investment management software industry to the role.

pControl Africa will be fully integrated into Milestone Group, mirroring the structure of pControl North America and pControl Europe.

“The African marketplace is an incredibly important one. It is also a marketplace with many regional nuances and unique local requirements, hence the importance of the local company presence alongside the ability to leverage global expertise that we have combined in pControl Africa,” said Chung.

“We think this approach uniquely positions us to provide the increasingly sophisticated African market with the support it needs,” he said.