Source: Babel Systems
Nutmeg has gone live on Babel Systems’ modern open back-office; to support growth in trading volumes, as well as operational efficiencies through its middle and back office.
Nutmeg took the decision to move their back office from a recognised outsourced provider, to running the Babel System in house in order to gain greater flexibility and efficiency. This involved changing of their FCA permissions to bring their operations in house.
The Babel System’s straight-through processing capabilities across funds, equities and bonds will enable Nutmeg to address the growth in demand for discretionary management from their clients, as well as to support the anticipated growth in the number of clients.
Through the Babel System, Nutmeg now has the capacity to scale up to a million trades per day enabling unprecedented scope for onward scalability and growth. Further Babel’s superior straight through processing capability will provide for back office efficiencies that will further drive profitability. Using Compeers benchmarks in this area Babel’s other customers are experiencing up to a 50% reduction in operational staffing.
The Babel System has been fully implemented and integrated at Nutmeg in just six months rather than typical industry implementation timeline of anywhere up to 4 years. The systems’ open API and web service capabilities enabled rapid integration with Nutmeg’s existing front-end client portal.
Nutmeg’s investment in the Babel System underlines its on-going commitment to deliver superior investment capability and added value to end-users through advanced technology investments. The Babel System delivers comprehensive functionality in a modular fashion, enabling firms make rapid and efficient changes as required to specific areas of functionality across settlements, custody, accounting, fees and charges, corporate actions, payments, compliance and portfolio management. This allows firms to drive down the total cost of ownership, whilst future-proofing their technology investments and providing for change as the market evolves.
Phil Bungey, COO of Nutmeg, says: "We're delighted to work with Babel - it forms part of the change to our new operating model to accommodate our growth and in order to continue to deliver a fantastic service to our customers. This new way of working will enable us to be more efficient and help to keep our costs, and therefore our customers' fees, down."
Steve Wise, CEO of Babel Systems, says, “We are very pleased to be have been selected in a very competitive market to support Nutmeg’s vision of being the best and most innovative company in this space. We have built our system using modern technology and web services to allow organisations to embed our state of the art system into their creative propositions. We believe Babel delivers value, scalability and efficiency to our clients”