Bravura delivers boost to JPMorgan Asset Management UK Operations
London / Sydney, 5 January 2009 – Bravura Solutions (Bravura, ASX: BVA) – a leading global supplier of wealth management applications and professional services – has facilitated JPMorgan Asset Management in achieving significant cost savings and operational efficiencies by consolidating all of the UK Asset Management product lines onto a single business platform.
Bravura has worked with JPMorgan AM throughout 2008 on its UK Transformation Program, which was recently completed on time and to budget.
“The UK Transformation Program is a strategic initiative for JPMorgan AM and consolidates its UK product range onto a single platform, Rufus GTA,” said Tony Klim, CEO of Bravura’s EMEA division.
“The program delivered significant cost savings and operational efficiencies to JPMorgan AM, through the development of a common business model for all the UK product lines. All milestones were achieved on time with no impact to the service provided to JPMorgan AM or its investors,” Mr Klim said.
The work has been undertaken with staff from Bravura and JPMorgan’s London offices.
Product lines were transferred progressively onto the Rufus Global Transfer Agency (GTA) platform, starting with the PEP [Personal Equity Plan] migration in May, followed by the Life Funds migration in July and a Rufus GTA upgrade in September 2008. The final migration occurred on 15 November when equities products were moved onto the platform.
Dan Watkins, JPMorgan Asset Management’s Head of European Operations, said the project was a significant achievement for Bravura and the investment bank.
“The successful completion of the rationalisation of our product range on to Rufus GTA was the most critical strategic initiative in the UK through 2008,” said Mr Watkins.
“Bravura’s partnership and focus on delivering to deadlines enabled each key milestone to be met on time and delivered to budget – an excellent achievement by Bravura and the JPMorgan project teams,” he said.
Rufus GTA is one of the most functionally rich transfer agency administration solutions available today. The system is multi-currency, with integrated foreign exchange processing and is multi-lingual. Rufus GTA supports the administration of unit trusts, money market funds, cash, equities and investment trusts and life assets.
“The platform has been a major factor in driving down costs and contributing to the success of some of the largest investment management companies,” Mr Klim said.
“Bravura has demonstrated a persistent ability to deliver change on time and has the products and capabilities to support complex asset management operations,” he said.