Australian investment and superannuation services provider AM Corporation has signed a $10 million deal for a retail funds management platform.
AM managing director Alan Rich told Computerworld the project work will total around $20 million.
Local portfolio management software firm DST International won the development contract in late September to develop the solution, known as Wrap, which is a back-office, Web-based platform designed for AM's general asset management, and business and personal superannuation retail funds management.
Rich said the DST-engineered Wrap will take the administrative headaches out of monitoring the super and investment accounts of around 150,000 retail clients.
AM selected Wrap because of its robust data warehousing capability and front-office strengths -- which for the first time will give both fund managers and clients a consolidated view of AM's total investment wealth.
"We can put customer data into the interface between clients and their financial advisers and our own back-end, so we benefit in terms of the quality of information we can exchange, and also in having more productive employees," Rich said.
Specifically, Wrap will give fund managers the ability to provide adviser clients with the power to track and manage clients' funds over the Internet. Adviser clients will be able to perform straight-through requests to manage assets like unit trusts and Wrap products, shares, direct investments, managed accounts and corporate and personal superannuation.
Rich said AM is migrating to a Web-based software platform because a progression to more modern software technology was well overdue.
"We were having some major language issues with our 13 year-old [core] in-house system, Diamond -- based on old technology and written in ABF -- so this was a significant factor in our choice."
The company will go live with the new platform in September 2002.