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It wasn't easy, but that's one reason why Frank Vree considers N$M (Net Settlement Messaging) one of his most important contributions to FundSERV. N$M, formerly known as Clearing and Settlement Service (CSS) and outsourced to the Canadian Depository for Securities, was brought in-house under Vree's guidance in 2001.

"It was a big project," recalls Vree. "We worked with all the banks and large brokerages, the Bank of Canada, and the fund managers to bring N$M under the auspices of FundSERV."

Today, N$M facilitates more than $150 million net settlements between 382 customers.

"Getting N$M in-house was not a slam-dunk," says FundSERV board member Brad Badeau. "Frank worked diligently with all the parties involved to get the job done. He was the unsung hero of that major win for FundSERV."

Retiring after 10 years of service, Vree has many career highlights to choose from. He joined FundSERV in 1995 as a consultant; two years later, FundSERV amalgamated with the Mutual Fund Clearing and Settlement organization and Vree became full-time CFO.

Although he kept the same title over the years, his responsibilities ranged widely. In the beginning he was hands-on, giving customer presentations and managing FundSERV's banking relationships. More recently, Vree's expertise has kept him focused on financial risk management, governance, human resources, and relations with many of the industry's key players.

Andrew Dalglish, FundSERV board member, confirms Vree's value in this ever-changing role. "Frank's technical expertise, pragmatism and professionalism have been a huge contributor to FundSERV's success."

No matter what role he played, his calmness under fire was valued by all of those who worked with him and for him. "Frank was able to provide great balance in an organization with many competing interests. His wisdom will certainly be missed," says Badeau.

"Frank's enthusiasm, combined with his calm demeanor and balanced approach, served to lead and educate those who worked with him," says Jennifer Burton, his executive assistant for the past four years. Antigone Barti, controller, payment operations, agrees. "He is a great boss to work for, with lots of patience, a sense of humour and a very down-to-earth style."

Dalglish sums it up: "I have never heard anyone say anything ill of Frank. He is truly a class act."

Looking back, Vree is also proud of the degree of automation FundSERV has achieved over the past decade. He believes more can be done to reduce paper, and would like to see client name issues resolved over the next few years.

"I've really enjoyed seeing the growth of FundSERV," says Vree. "One of the benefits of working in a smaller company is that you develop rich relationships with coworkers. I've enjoyed getting to know the people who make up the extended FundSERV family."

From all of us at FundSERV, thank you, Frank.

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