Old Mutual Investment Administrators Uses FLEXCUBE Investor Services
IT News Online Staff
2006-09-07
i-flex solutions, a provider of IT solutions to the global financial services industry, announced that South Africa's Old Mutual Investment Administrators (OMIA), a unit of Old Mutual Group, has gone live on FLEXCUBE Investor Services for its fund administration and transfer agency operations.
Old Mutual Investment Administrators is a third-party investment service administrator and provides investors a range of investment products from different fund houses and investment companies, including unit trusts and life endowment products.
i-flex said investment houses in South Africa have faced complexity and high costs because they have used different software products to administer each of their lines of business - Unit Trusts, Life Endowment Products (LEP), Linked Investment Service Provider (LISP) and their Offshore Fund business.
The company's FLEXCUBE Investor Services is designed to resolve these issues. It automates the entire transfer agency function and enables fund administrators and transfer agency service providers to effectively service fund and product providers as well as investors. It allows fund administrators and distributors with operations in several countries to meet their registry and distribution requirements through its unique combination of multi-currency, multilingual, multi-entity and multi-instance functions. The solution enables investment houses to design innovative products with either simple or complex fund structures and helps them stay ahead of the competition.
"We are impressed with the domain knowledge and critical attention to detail that i-flex solutions brings to OMIA, as well as FLEXCUBE Investor Services' comprehensive functionality. In addition, their well-structured and proven methodology ensured that they completed a complex implementation flawlessly," said Peter du Plessis, Managing Director, Old Mutual Investment Administrators.
"Our solution's superiority, both functionally and technologically, will reinforce Old Mutual's position as an industry leader. Its unique design will help Old Mutual reduce overall operational costs and enhance its ability to design innovative financial products," said Anil Rai, Vice President - Africa Sales, i-flex solutions.
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