Source: DST International
DST International (DSTi), the leader in business solutions for the investment management industry, announces today that Crèdit Andorrà, the region's large and most prominent bank, has selected DST International as its single provider to implement its Wealth Management and Risk & Performance solutions for the facilitation of a new integrated front and middle office system, which will go live before the end of 2005.
The project kicked off in May 2005, implementation will be completed on schedule this week.
Crèdit Andorrà - which has embarked on a period of aggressive growth - has up to now been using in-house methods to runs its Asset Management, Wealth Management and Mutual Funds operations. The relationship with DSTi will give Crèdit Andorrà significant competitive advantage and operational efficiencies in the area of Portfolio/Order Management, Compliance, Performance/Fixed Income Attribution and Risk Management.
Commenting on the project, Xavier Cornella, Crèdit Andorrà's Chief Financial Officer, said: "We are very pleased to be working closely the DST International team on this strategic project. At the end of a rigorous vendor selection process we found that they were clearly ahead on key qualifiers. In particular DSTi's solution is tightly integrated and superior, we felt, in the area of Performance Attribution and Risk Management. Their ability to implement this entire front/middle office project well within a 12 month period is extremely compelling for us, as well as the fact that working with one single vendor meant that the typical complexity of such a project was reduced to a minimum. Finally, their Front Office solution for our Portfolio Managers offered a unique blend of the required sophistication for our institutional clients coupled with the scalability requirements of our Wealth Management business."
Hugh Evans, DSTi's European Sales Director added: "This is an exciting project for us and Crèdit Andorrà. We both feel that Crèdit Andorrà will benefit from the best of all worlds. In one tightly integrated solution, they can now offer world leading Fund Management services for their three key lines of business – Mutual Funds, Wealth Management and Asset Management. The implementation of DSTi's solution will allow them to keep costs relatively constant whilst rapidly growing their Assets Under Management."