Schroders appoints SimCorp for back-office investment management
SimCorp’s investment management system, Dimension, has been selected by Schroders Australia to handle its Sydney-based portfolios.
SimCorp Dimension replaces the 12-year old system Portia, as well as a number of in-house settlement applications for Schroders across the Asia Pacific.
Australia is the final country to be moved onto the Singapore-based investment management system alongside Hong Kong, Japan and Indonesia, which all made the move in 2009.
Schroders head of Asia Pacific IT, Jason Wood, said the decision was part of a global strategy to future-proof the business and move away from legacy custody-based systems.
Wood said the Australian business had materially expanded over a short period and was keen to invest in the core platform to support future growth.
“Now that we have migrated Australia onto the regional platform, we can maintain a high level of service during periods of growth, without requiring additional resources,” Wood said.
Schroders, with assets under management of $25 billion, opted to undertake the migration using internal resources – a process that took just over 12 months to complete.
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