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Envision Offers Fund Cos $1M Challenge
From: Operation Management
May 16, 2004
In a marketing challenge campaign more reminiscent of the consumer products industry than staid financial services, Envision Financial Systems is offering institutional and retail money managers $1 million if they aren't happy with the vendor's transfer agency platform after one year. The company's PowerAgent Million Dollar Challenge Program is directly targeting users of DST Systems, SunGard and PFPC, said Satnam Gambhir, president of Envision. Gambhir added that his company is taking an unusually aggressive stand against its competitors, who control 90% of transfer agency work in the industry. Gambhir added that the challenge comes as the company has grown from 20 people to 80 in the last two years, and as it has received independent verification that PowerAgent can handle six million transactions. Gambhir said he expects the challenge will convince fund companies with high volume businesses to look at his platform and the efficiency and cost advantages of inhouse processing. "If after a year, they aren't happy, we'll refund up to $1 million in licensing fees," he said.
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This article is from Operations Management at www.operationsmanagment.com.
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