Wealth management applications supplier Bravura Solutions has signed a five-year software deal with specialist fund manager Australian Ethical.
The contract will see the implementation of Bravura's Garradin investment management system, which will replace Australian Ethical's existing software that manages investment portfolio assets and unit pricing.
"Garradin caters for investment management and private client administration. It is a comprehensive, multi-currency solution with integrated asset management, registry and tax management functions," Bravura said.
Australian Ethical has over 17,000 investors and has focused on ethical investment for over 23 years. The firm had $623 million in funds under management as at 31 December 2009.
"We selected Bravura as our preferred software vendor after extensive market analysis conducted by advisory firm, First Treasury, to ensure our specific requirements would be met," Australian Ethical chief financial officer Gary Leckie said.
"We believe Bravura's Garradin software is the most suitable on the market, based on its functional strengths and its strong client experience in relevant markets."
Bravura chief executive Simon Woodfull said the project would deliver substantial cost savings through a consolidation process and will create streamlined, improved management processes and efficiency.
"We are extremely pleased to welcome another new client to our expanding portfolio this year and look forward to working with Australian Ethical to deliver this project," he said.
