See also:

FundSERV and Fidelity: Working together to advance the investment fund industry

FundSERV appoints new CFO and VP corporate services

From quality assurance to customer relations

Expanding tech support department into second site

Storage Area Networks: the next level in FundSERV reliability

Are you satisfied with FundSERV's service? Satisfaction survey results are in!

FundSERV moving to 5970 audit standard

FundSERV Network Performance

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The first six months of fiscal 2006 were busy and highly productive. Our operational performance exceeded all of our targets, and service levels remained high. Despite recent market adjustments, our revenues exceeded plan by seven per cent and expenses were below budget by five per cent.

On May 23, Ian Cook joined FundSERV as chief financial officer and vice president of corporate services. His skills, experience and reputation are highly regarded and well suited to helping us advance the well-being of FundSERV and our value to the investment funds industry. See FundSERV appoints new CFO and VP corporate services.

Earlier in May, we completed our fifth annual Customer Satisfaction Assessment. We are pleased with the overall results and the level of participation. The results of this annual survey, along with customer feedback throughout the year, play an important role in our business planning process. We thank all of those individuals who took the time to reply. See Are you satisfied with FundSERV's service? Satisfaction survey results are in! for the survey result highlights.

On June 19, ESG v17 was successfully implemented. We're proud of the development, communications and implementation processes now being applied to ESG releases. The town hall format established for v15, for example, has served our customers well through this implementation and will be continued.

FundSERV-sponsored industry committees and working groups are already hard at work on ESG v18. For an introduction to the new working groups and an explanation of the new process for documentation and approvals, see V18 working group planning shows promise.

FundSERV's industry support goes beyond the sponsorship of these committees. We are actively involved in the Canadian Capital Markets Association (CCMA), which promotes efficient and timely trade matching among capital market participants. I have co-chaired this committee since 2004 and believe there is strong synergy between CCMA's mandate and FundSERV's. Carol Walker, FundSERV's director of industry relations and corporate communications, now chairs the CCMA communications and education working group, and David Purewal, our director of internal audit, is a member of the CCMA finance committee.

We are also continuing to advance our business continuity planning. News of suspected terrorists being arrested in Toronto served as yet another reminder of the importance of this activity. We accelerated the evolution from disaster recovery to business continuity planning after the 9-11 attacks and the 2003 blackout. We established an emergency management team, which conducted a business impact analysis and began working on various scenarios and response plans that cover such events as terrorist attacks or a global pandemic. We will be testing modules of these plans over the summer. With the continuing threat of terrorism and the potential of a flu pandemic, we are very mindful of our responsibility to the health and safety of our employees and to the business continuity needs of all of our customers. We are working on many fronts to reduce these risks.

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