Bravura Solutions Limited (Bravura) - a leading global supplier of wealth management and transfer agency software applications and professional services - has signed an initial five year contract with existing client Russell Investments (Russell) to use Sonata to administer the firm's retail products.
Combining over 15 years of leading and trusted software with the advantages of modern and scalable technology, Sonata is Bravura's new wealth management application suite for investment and policy administration. It provides a single solution with coverage for life insurance, trust, pension/annuity, group superannuation/pension and UK wrap. A comprehensive end-to-end solution, it includes web access, workflow and business intelligence.
Russell is a leading global investment solutions firm. It has more than US$161 billion in funds under management, with 1,750 staff members and more than 330 investment products globally.
Russell's Private Series is a suite of investment and superannuation products allowing retail investors and self-managed super funds to emulate institutional investors by investing directly in Russell's award-winning fund complex. Bravura's Sonata software will be used as the platform to administer the Russell Private Series, offering next generation features and functionality for advisers.
Patricia Curtin, Russell's Managing Director, Retail Investment Services, said that implementing Bravura's Sonata was the firm's response to an increased demand from advisers for web functionality and real-time access to their clients' accounts.
"Our investment in this new technology will help to relieve the administrative burden on our advisers, allowing them to focus more time and energy on their clients. We've listened closely to our partners, and believe these improvements will offer better support in building more efficient and ultimately more profitable businesses," commented Ms Curtin.
Sonata's ability to rapidly launch new products, streamline and improve business systems and support straight-through processing from the adviser's office, is key to supporting Russell's continued growth and partnership with advisers and dealer groups.
Russell has confirmed Sonata may be expanded for global use and to increasese operational efficiency it is looking to implement other Bravura solutions.
"We were looking for a single technology partner to manage all our software and services requirements. After a thorough review of technology solutions across the market place, we chose Bravura as its Sonata software - with its rich features and functionality - perfectly fits our requirements," Ms Curtin added.
Commenting on the partnership, Darren Stevens, Head of Product, Global Wealth Management, Bravura Solutions said, "We are delighted that Russell has chosen Sonata as the technology solution that best suits their needs and we look forward to extending our existing, strong relationship with them during the implementation and support process.
"Sonata has been well received by both existing and potential customers and we have seen an increasing level of interest regarding the capabilities of Sonata from a life, trust, wrap platform and superannuation perspective."
Russell is the second client to select Sonata this year, following Partners Life's choice of Sonata to manage their life insurance administration. Implementation will commence in August 2011.