Austria-based Erste Bank has completed first phase implementation of Thomson Financial's Portia product for portfolio management and analysis.
The bank says it replaced its former software system with Portia for its improved portfolio management, modelling and report writing capabilities. An additional requirement of the new system was to be able to handle securities split into several different currencies.
The new system is currently trading with 450 portfolios at Erste.
Phase two of the implementation will see the addition of Portia's analytical tools including decision support and modelling, the rebalancing of funds and automatic order generation. These facilities are scheduled to go live by the end of December 2001.
Horst Weichselbaumer, head of consultancy for security operations, Erste Bank comments: "We are completely restructuring our investment management process, with the ability to handle growing trading volumes right across the Erste group."
The bank is planning to roll out Portia to its subsidiaries in the Czech Republic, Slovakia and Hungary, during 2002/3.