Eagle Investment Systems, a leading provider of financial services technology and a subsidiary of The Bank of New York Mellon, announced that Contango Capital Advisors will transition its installation of Eagle's data management and performance solutions, currently managed in house, to Eagle ACCESS, Eagle's application service provider.
Contango selected Eagle in 2004 to help centralize and manage its data to improve its management reporting capabilities. In 2008, Contango analyzed its internal systems in search of areas where costs could be reduced. As a result, the firm elected to move its middle and back-office applications to a hosted service. Contango will continue to leverage the same technology and functionality to manage and report its assets, with the added benefit of a service that will manage its technology, including upgrades, systems support and ownership of hardware and databases.
"Today, investment firms are seeking ways to cut budgets and reduce costs quickly. The efficiency and cost savings opportunities associated with Eagle ACCESS led to Contango's decision to transition to this service," said Brian Bichler, Contango's chief investment officer. "We expect to see a 30% annual cost reduction by moving to Eagle ACCESS and will likely realize a full return on our investment by the end of the second quarter in 2009."
Eagle's hosted service, Eagle ACCESS, provides investment managers of all sizes with solutions for data management, investment accounting and performance measurement and attribution, combined with competitive pricing and a high level of service.
"We're seeing a shift in our industry where investment managers are demanding functionality, scalability and 24x7 access in a hosted environment to eliminate the time and money spent on managing systems," said John Lehner, president of Eagle. "Firms are looking for fiscally conservative options for managing their business. As a result, we've seen our Eagle ACCESS business grow significantly over the last 12 months, and our pipeline is similarly strong."