Johannesburg, 28 Apr 2011
News facts:
Oracle today announced that Cadiz Asset Management (CAM), a wholly owned subsidiary of Cadiz Holdings (Cadiz) has selected Oracle FLEXCUBE Investor Servicing (FLEXCUBE) to support the in-sourcing of its retail client administration activities.
Cadiz is a leading specialist financial services group offering investment services in the South African market through two business units, Cadiz Securities and Cadiz Asset Management. The group specialises in asset management for the corporate, institutional and retail markets, as well as research and trading in the equity derivatives and fixed income space, stock broking and structuring.
CAM chose FLEXCUBE over its incumbent service provider following a comprehensive strategic and operational review. The ability to support UT and Life products on a single integrated platform was a critical requirement in CAM's ongoing quest for investment and operational excellence. FLEXCUBE will enable Cadiz to reduce total cost of ownership and allow full control over client servicing, while also reducing time to market for new product services.
FLEXCUBE will enable CAM to completely in-source its administration environment, a prerequisite for enhanced client service. The comprehensive, integrated transfer agency and fund distribution system automates the manufacturing and distribution of funds in a highly flexible and scalable manner. The multi-currency platform provides comprehensive support for complex workflow procedures and business rules.
FLEXCUBE automates the entire administration value chain for all types of unitised products. It is a fully functional solution that addresses the requirements of fund managers, distributors and brokers/ dealers, while increasing customer satisfaction through end-to-end customer servicing.
Cadiz chose to work with Oracle due to its proven track record in the local market, cost-effective product offering, extensive support and upgrade options, and the capability to deliver the required solution within the timeframe requested.
Morvest ICT, a Gold level member of Oracle PartnerNetwork (OPN) in South Africa, played a vital role during CAM's selection process, using its local industry expertise and extensive product knowledge to support the entire sales cycle.
Supporting quotes:
Phil Sturgess, Chief Operations Officer, Cadiz Asset Management, said: “Our wealth management business has experienced strong organic growth since inception. To significantly expand on the current footprint we are pursuing a comprehensive product and market extension strategy that requires a significant step-up in systems capability. The move to Oracle and FLEXCUBE provides the ideal platform from which to launch this exciting new initiative. The decision followed a comprehensive strategic and operational review. FLEXCUBE's functionality and scalability along with Oracle's well proven implementation track record were critical decision factors.”
Suryanarayan Kasichainula, Vice-President - Africa Sales, Oracle Financial Services Global Business Unit, said: “It is great news that Cadiz Asset Management has chosen to take the first step in its relationship with Oracle, by choosing to in-source its administration environment through Oracle FLEXCUBE Investor Servicing. As the cost of outsourcing an IT application infrastructure grows along with the need for excellent customer service, financial institutions are looking to gain the control they need to sustain consistent growth. With the implementation of Oracle FLEXCUBE Investor Servicing, Cadiz is gaining a solid platform to continue to grow its business.”
Rajeev Gulia, Morvest ICT, said: “As an OPN Gold Partner in South Africa, we're very happy to be involved in the growth of Cadiz. Our knowledge of the local industry and Cadiz's business operations meant we were able to provide the best solution to meet the customer's requirements. Cadiz was looking for a sustainable and cost-effective technology solution that enabled them to self-administer their business and deliver superior client servicing. Oracle FLEXCUBE provides comprehensive retail administration capability for CIS, LISP and Life assurance industry. Morvest ICT is looking forward to working with Cadiz and Oracle for many years to come.”
Supporting resources
Oracle FLEXCUBE Investor Servicing
Oracle in Financial Services
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Oracle PartnerNetwork
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