Asset manager Skandia, with £34bn platform assets under management, has awarded the Milestone Group a funds’ processing contract.

Milestone’s pControl Funds Processing solution will enable Skandia to further enhance its high levels of service to customers and financial advisers.

Milestone technology, will allow Skandia to simplify and consolidate multiple technologies supporting core business functions across the group.

The move to an integrated financial application platform will also provide a scalable and extensible architecture with full transparency and market leading process.

Skandia will initially utilise the technology to undertake a number of key functions, including fee and rebate management, income distribution and reconciliations.

pControl can then be used to fully automate cash allocation and rebalancing across any fund structure, manage unitised dealing, box management, unit linked pricing and detailed price movement analysis.