Source: Odyssey Asset Management
Odyssey Asset Management Systems, a leader in wealth management and private banking solutions, is pleased to announce that Hamburger Sparkasse (Haspa), Germany's largest savings bank, has recently chosen Odyssey as the supplier of its new Investment Management Platform.
This platform, a combination of Portfolio & Advisory Management solution components, will be based on Odyssey's Relationship Manager Workstation and the new Gateway Pack interfacing package.
Haspa intends to implement one unified Investment Management Platform to serve both the Private Banking and Mass Affluent (IK/FK) segments, delivered through adapted browser-based user interfaces. Considering Haspa's leading market position, and existing Wealth Management expertise, the new system is intended to support the bank expanding its market share in a growing but competitive business area.
The implementation is planned to start in the near future. The existing Private Banking system will be replaced by Odyssey's Relationship Manager Workstation, providing the Haspa Private Banking team with immediate, measurable operational improvements and business benefits. This initial rollout will be extended to the Haspa Mass Affluent advisors in the second phase.
Haspa's decision in favour of Odyssey's solutions followed a meticulous selection process. In 2003 and 2004 Haspa analysed different portfolio management systems and solution providers resulting into the decision to initiate a Project Initiation Study with Odyssey in January 2005. This was successfully completed in February and resulted in contract signing in March.
"Odyssey was chosen for its excellent reputation and proven track record to deliver mission critical Private Banking solutions. Empowering our Relationship Managers with a high quality Investment Management Platform will enable them to provide better and much more pro-active investment management services to their clients while we will improve the efficiency of our processes and ability to control risks", said Jörg Ludewig, Head of Private Banking.
Michel Jongen, Odyssey's General Manager for Western Europe comments, "Through this new project, Odyssey is opening a significant business opportunity in the German savings banks segment, further extending our position as a leading supplier of Wealth Management technology in Germany. The adaptability of our browser-based workstation approach and the proven scalability of our solutions puts us in a unique position to not only serve the highly sophisticated High Net Worth Individual Private Banking end of the market but also the Mass Affluent and Retail Private Banking segments from a unique and common platform supporting the whole Wealth Management organisation, hence delivering much more value and obvious economies of scale."