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[John Byrne, IM’s CEO, stated,] Most corporate actions software contains only very limited tax functionality, leaving institutions to develop extensive manual procedures to minimise taxation of cross-border income. However, withholding tax optimization has been rapidly increasing in importance for investors and we have recently been asked by several clients to develop a more sophisticated set of services into our converg-e and CAMA products. … We are already in discussions with several of our clients to hook up to this new service which we believe will provide them with operational efficiency as well as a significant market advantage.

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