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Bravura’s new hire strengthens transfer agency team

Mon, 14 May 2012 00:00:00 +1000

London, 14 May 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of transfer agency and wealth management software applications and professional services – has appointed Andrew Palmer as Product Manager for Rufus, the company’s transfer agency (TA) administration platform.

With over 25 years of experience in the market, Palmer’s extensive TA expertise is garnered from administration, operations and consultancy roles. Most recently, he has worked in the product teams at JP Morgan and BNY Mellon.

Andrew now takes responsibility for the continued development of Rufus. He is tasked with defining and executing the product roadmap and managing the team to continue to deliver according to customer requirements.

Commenting on his new role Palmer said: “Bravura is a well-respected player in the transfer agency space and I’m looking forward to continuing to build and further grow this reputation. As the industry faces constant regulatory challenges, I will be looking to develop Rufus, ensuring that the product offering remains aligned with any new requirements.”

Based in London, Palmer will report to Aubrey Nestor, who now takes overall responsibility for the product management of all of Bravura’s transfer agency platforms.

Bravura’s new propositions team set to exploit transfer agency and platform market opportunities

Thu, 03 May 2012 00:00:00 +1000

Taskforce will widen customer base and identify future growth prospects

London, 03 May 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of transfer agency and wealth management software applications and professional services – today announced the formation of its new propositions team. The taskforce will focus on the development of client-centric propositions to drive growth in the current challenging economic environment.

In an industry that is being transformed by a changing regulatory landscape and consolidation, the team is tasked with integrating market trends and customer insight into future product innovation and strategy. With a shift in the relationship between transfer agency and distribution, and an expected convergence towards third-party administrators in the wrap platform market, Bravura will continue to focus on these areas, whilst exploring further opportunities in complementary markets.

Heading the group, Nick Parsons, Global CTO, Bravura said, “Establishing the team is a strategic move after a period of consolidation following a number of acquisitions. We are aiming to expand the business by increasing our reach, capabilities, customer base and pool of potential clients. A number of key initiatives have already been identified, driven by the need for organisations to operate efficiently on an increasingly global basis. With extensive market knowledge, I’m confident the team will exceed expectations.”

Joining the taskforce is Tricia Riddell, Global Head of Product for Transfer Agency and Eric Welsby, Principal Wrap Consultant for the EMEA region. Both bring years of industry expertise in their respective fields.

Riddell said, “This is an exciting challenge and an opportunity to shape Bravura’s future growth. The position of transfer agency in the value chain will continue to adapt, with a move to support distributed services with a broader wealth management proposition. The opportunity exists for transfer agents to move up the value chain, developing services beyond traditional record keeping, to manage the changing nature of distribution. Our clients look to us for functionally rich and efficient technology, and the team will ensure we are well placed to meet their evolving requirements. Eric and I are looking forward to our new roles.”

Whilst still retaining responsibility for the product management team at Bravura, Riddell will now focus more of her time on propositions. In order to facilitate this, Aubrey Nestor has stepped up from his present Product Manager role for Rufus. He now takes overall responsibility for the product management of all of Bravura’s transfer agency offerings and related systems.

Russell implements Bravura’s eBusiness platform to deliver super clients’ back office efficiency

Wed, 21 Mar 2012 00:00:00 +1100

Sydney, 21 March 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura), a leading global supplier of transfer agency and wealth management software applications and professional services, is pleased to announce that global asset management firm Russell Investments (Russell) has successfully implemented Bravura’s ePASS online superannuation solution to facilitate the delivery of straight through processing to Prime Super (Prime), Australia’s industry fund for rural and regional Australia.

Existing Bravura client, Russell, a global asset manager, was appointed by Prime in 2011 to deliver administration services to 135,000 of its members and 40,000 employers. Among the key deliverables in this new partnership was the successful implementation of Bravura’s online ePASS platform for superannuation.

Siva Sivakumaran, director of administration and consulting services at Russell said: “The implementation of ePASS has enabled us to offer our clients efficient, flexible and leading technology allowing Prime Super’s 40,000 employers to lodge contributions which can be processed straight through to our underlying administration system leading to significant back office efficiency gains.

“The successful implementation of this service is testament to both the strength of our working relationship with Bravura and also our ongoing commitment to invest in eBusiness technology for the benefit of our clients,” added Mr Sivakumaran.

Darren Stevens, Global Head of Product – Global Wealth Management, Bravura Solutions, said: “Bravura continually looks to provide technology solutions that allow our clients to maximise business efficiency and improve client service. We have specifically developed ePASS – and all of our products – to act as a flexible facilitator to efficient business operations and growth.”

Bravura’s ePASS is a highly configurable eBusiness solution that provides straight through processing for employer contributions and member transaction capabilities for a range of savings and retirement products. It can be successfully utilised in a single product or single administration system setting, or can be used in more complex set-ups with multiple products and systems.

Consistent and stable half year financial performance: Well positioned for long-term future growth

Fri, 17 Feb 2012 00:00:00 +1100

Sydney, 17 February 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and related professional services – today announced the half year results for the period ended 31 December 2011.

NPAT improved by 25 per cent to $2.2 million and EBITDA was $9.4 million. Cash flow continued to improve for the fourth consecutive six month period. Operating inflows were $12.5 million, a 54 per cent increase, compared to $8.1 million in the prior corresponding period.

Bravura Chairman, Brian Mitchell said, “Our solid NPAT and operating cash flow results are extremely pleasing, given the challenging operating environment that currently underpins financial markets. We are seeing increased market interest in financial services technology, as organisations are focused on increasing operational efficiency and employing cost reduction strategies.

“These consistent and stable half year results continue to position us well for long-term future growth.”

Bravura CEO, Tony Klim said, “We have placed significant focus over the past twelve months on defining and implementing Bravura’s strategic plan and are confident with our progress. We have continued to complete implementations and secure new contracts for key clients such as Russell Investments, which has commenced its Sonata implementation.

“In general, there is increased market interest in our Sonata platform, evidenced by the number of product demonstrations and industry consultant attention.”

“As we continue to leverage Bravura’s strengthening financial foundation, we maintain our focus on specialisation in wealth management and transfer agency in the Asia Pacific, United Kingdom and European markets.

1HFY12 highlights

NPAT improved by 25 per cent to $2.2 million
Cash flow continued to improve with operating inflow of $12.5 million compared to $8.1 million in the prior corresponding period
Revenue decreased marginally by 2.2 per cent to $59.8 million (but increased by 3.2 per cent to $63.1 million on a constant currency basis)
EBITDA decreased by $1.0 million from $10.4 million to $9.4 million (a decrease of 1.8 per cent to $10.2 million on a constant currency basis)

Results overview

Revenue

Revenue for the first half of FY2012 was $59.8 million, a slight 2.2 per cent decrease from the first half of FY2011, as currency continued to impact Bravura’s overall results when compared to the foreign exchange rates from the prior period. This was predominantly caused by the strengthening of the Australian dollar against the British Pound and US dollar. Had currency rates remained stable, revenue would have increased overall by 3.2 per cent over the prior corresponding period.

Revenue continued to be well diversified across lines of business, geography and industry/product lines.

EBITDA

EBITDA decreased by $1.0 million over the prior corresponding period, however, in constant currency terms, the decrease was only $0.2 million. This consistent performance in a challenging economic environment is a satisfactory result for Bravura.

Operating costs

Operating costs continued to be effectively managed through the use of flexible and cost efficient resource pools. Bravura anticipates this trend will continue as it further builds and expands its development centres in lower cost jurisdictions, specifically India and Poland. Development and testing activities in the regions are now driving revenue generation.

Cash flow

Cash flow improved significantly from the prior corresponding period, and provided sufficient resources to operate with a lower level of debt. This enabled Bravura to undertake a share buy-back during the period. As at 16 February 2012, 57,298,970 shares were purchased under the buy-back program, a total of 84 per cent of the final ten per cent objective.

Balance sheet

Bravura’s financial position remains strong, with a slight reduction in contributed equity resulting from the share buy-back that was undertaken as part of its capital management strategy.

Current liabilities have increased from the prior year as a result of Bravura’s banking facilities that are due to expire in December 2012. Management is currently reviewing its overall banking requirements and is discussing options moving forward with several financial institutions to ensure it has effective cash management.

Bravura remained within all banking covenants as at 31 December 2011 and had $10.5 million of undrawn facilities.

Events over last six months

In the APAC Wealth Management division over the past six months, Bravura signed a contract with new superannuation client, Russell Investments to use Sonata to administer its retail offering. Russell’s implementation is currently underway. Existing client Politis, signed a seven year contract for Bravura’s Garradin Private Wealth & Portfolio Administration system, and Australian Ethical Investment implemented Garradin for unit pricing and asset management functionality.

Version 12.0 of Garradin was released during the period, with extended tax optimisation functionality that will provide Bravura access to the Trust market.

In the EMEA Wealth Management division, Bravura commenced an extensive program of work for Citi, following its acquisition of Scottish Friendly’s wrap business.

In the Transfer Agency division, several clients reviewed extensions to the scope and terms of their contracts. Business partnerships continued to be strengthened in line with Bravura’s client strategy.

Focus remained on development projects for TA (Transfer Agency) Web, Operational Data Store (ODS), Retail Distribution Review (RDR), and Babel’s improved processing capabilities.

Outlook

Bravura continues to focus on cost management in every facet of the business and is confident that its existing consistent and stable financial performance bodes well for long-term future growth.

With interest in Sonata gaining traction in wealth management and life insurance markets and compliance with regulatory change becoming more time critical for clients and creating interest in Bravura’s messaging solutions, the Company is well positioned.

As early signs emerge confirming that European financial markets are stabilising, and inquiry levels in Bravura’s software and services continues to improve, it is anticipated that this will translate to improved business flows over time.

Bravura Wins Celent XCelent Award for Service

Mon, 13 Feb 2012 00:00:00 +1100

Sydney, 13 February 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura), a leading global supplier of transfer agency and wealth management software applications and professional services, is pleased to announce that it has won an XCelent award for Service, as selected by Celent in its Asia Pacific Policy Administration Systems Life and Pension ABCD Vendor View report.

The report profiles 22 policy administration systems and reflects the positions of ten policy administration solutions evaluated and judged relative to industry peers. Within this framework, the top performers according to Celent’s assessing dimensions / criteria receive a corresponding XCelent Award. Bravura was named a leader in the Depth of Service category and was evaluated based on the delivery of its life insurance solution.

The report’s author, Celent Senior Analyst, Wenli Yuan said: “Celent endeavoured to include as many of the leading life and pension insurance policy administration systems available in Asia-Pacific as possible, in this report. These systems were evaluated based on advanced technology and technical flexibility, breadth of functionality, customer base and depth of client services. Bravura obtained the highest score for depth of client service”.

Roland Slee, Bravura’s Managing Director, Asia Pacific said: “We are honoured to have received this acknowledgement from Celent. Excellence in service is at the very core of our business and paramount to the delivery of high quality solutions.

“From requirements gathering, to implementation and ongoing support, service is vital. To be recognised by Celent in an impartial evaluation such as this is testament to Bravura’s standing as financial technology industry leaders and our deep focus on client service provision”.

Bravura’s life insurance solution is a client-centric, rules-based application with workflow management that supports the rapid launch and flexible administration of many different product types. It is delivered with building blocks for term assurance, critical/terminal illness, disability, redundancy, premium waiver, whole of life and a range of unit-linked policies. The system supports all lifecycle functions, including managing clients, managing products, new business, underwriting, policy administration (policy servicing), billing and collection, fund/unit management, claims management, and reinsurance.

Bravura’s life insurance solution powers client’s Award win

Wed, 18 Jan 2012 00:00:00 +1100

Sydney, 18 January 2012 (ASX: BVA) – Bravura Solutions Limited (Bravura), a leading global supplier of transfer agency and wealth management software applications and professional services, has announced its modern policy administration platform has helped Vietnam’s first and leading life insurance company, Baoviet Life, to win a Celent Model Insurer Asia award in the Policy Administration category at the Celent Model Insurer Asia Summit 2012, in Hong Kong.

The Model Insurer awards recognise companies that best apply technology to drive business performance.

Baoviet Life’s implementation of Bravura’s modern policy administration platform has improved the company’s system flexibility and provided the foundation for moving Baoviet Life to a centralised processing business model.

Mr Alan Royal, Chief Information Officer, Baoviet Holdings said: “Bravura’s technology enabled Baoviet Life to achieve its modernisation objectives; allowing us to realise improved speed to market with new products, improved efficiency, with a significant increase in employee output, and reduced cost, with material savings in costs associated with the maintenance of servers and headcount. Bravura’s team worked closely with the Baoviet Life team throughout the implementation process, and the combined team can be credited for the excellent project outcomes, as well as this recognition from Celent.”

Baoviet Life’s solution implementation was selected for Celent’s Model Insurer Asia Awards due to its demonstration of IT best practices including optimisation of infrastructure, automation, straight-through-processing and system integration.

Jason Tong, Bravura’s Chief Operating Officer – Global Wealth Management said: “Bravura is committed to delivering the highest possible value from its solutions. Our mission with Baoviet Life was to meet and exceed its business objectives and effectively provide the backbone to modernise its overall organisation. This award stands testament to the successful delivery of our original objective.”

Celent also based its decision to award Baoviet Life on its business results achieved through Bravura’s system, including higher productivity and lower staff expenses, decreased time to market, faster cycle times and more consistent processes, more efficient document/content distribution and improved agent and customer satisfaction, amongst others.

Baoviet Life and Bravura’s technology is featured in a case study in Celent’s Model Insurer Asia 2012: Case Studies of Effective Technology Use in Insurance. Insurers featured in the case studies are recognised across a dozen or more categories.

Bravura’s life insurance solution is a client-centric, rules-based application with workflow management that supports the rapid launch and flexible administration of many different product types. It is delivered with building blocks for term assurance, critical/terminal illness, disability, redundancy, premium waiver, whole of life and a range of unit-linked policies. The system supports all lifecycle functions, including managing clients, managing products, new business, underwriting, policy administration (policy servicing), billing and collection, fund/unit management, claims management, and reinsurance.

One million KiwiSaver accounts administered on Bravura Solutions platforms

Tue, 08 Nov 2011 00:00:00 +1100

Sydney, 08 November 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and related professional services – is pleased to announce that it has surpassed one million KiwiSaver members supported on its wealth management platforms.

KiwiSaver was introduced by the New Zealand government in 2007 as a national workplace savings scheme designed to encourage New Zealanders to save for their retirement. Today KiwiSaver has a total member base of 1.8 million New Zealanders.

Jason Tong, Bravura’s COO – Global Wealth Management said: “The majority of KiwiSaver accounts are now administered on Bravura platforms - this is testament to the quality of our software and depth of functionality.”

Bravura was one of the original organisations to deliver KiwiSaver-compliant functionality, going live in 2007 and supporting a number of clients including ASB and Trustees Executors.

In the lead up to the election both major political parties recently announced policies to extend KiwiSaver in the coming years. Proposed changes include further auto-enrolment or compulsory enrolment of those who have not already enrolled in KiwiSaver and increases in the employer’s contribution rate.

“New Zealand continues to be a key market for Bravura Solutions, and we continue to invest in our technology to support KiwiSaver and our other investment and life insurance clients in the region,” Tong said.

Bravura Solutions appoints Global Strategy, Risk and Planning Manager

Mon, 07 Nov 2011 00:00:00 +1100

Sydney/London, 7 November 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – has appointed Mr Jason Wilby as its Global Strategy, Risk and Planning Manager.

Based in the Sydney office and reporting to Rebecca Norton, Bravura’s Chief Financial Officer, the new role was created to enable effective risk management policies and processes that promote better organisational performance, increased efficiency and enhanced effective governance.

Norton said, “As Bravura continues to grow and acquire businesses in different markets, we have been focusing on business transformational activities and process improvement that assists in making the organisation more efficient, robust and scalable.

“We are extremely pleased that Jason has accepted the role in support of this new Company focus.”

The role is expected to bring a number of benefits to Bravura including proactive identification of key risks providing greater certainty around achievement of strategic objectives, proactive balancing of risks and rewards and potentially highlighting opportunities that may otherwise go undetected, better decision making with structured consideration of risk built into existing activities, continuous improvement of governance to meet and fulfil expectations of key stakeholders and compliance with regulatory requirements.

Jason joined Bravura in September 2008 as the Head of Human Resources - Global Wealth Management and prior to accepting his new role, was the Head of Change - Global Wealth Management.

Jason has a Bachelor of Law degree which he completed in the UK, and is currently completing his Global Executive MBA with the University of Sydney.

Bravura Solutions appoints Roland Slee as Managing Director for Asia Pacific

Mon, 31 Oct 2011 00:00:00 +1100

Sydney / London 31 October 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura), a leading global supplier of transfer agency and wealth management software applications and related professional services, is pleased to announce the appointment of Mr Roland Slee as Managing Director - Asia Pacific.

Reporting to Tony Klim, Bravura’s Chief Executive Officer, Roland will be responsible for accelerating growth, developing new lines of business, implementing major change programs and leading merger and acquisition activity in the region.

Klim said, “We are extremely pleased to appoint Roland to the position of Managing Director - Asia Pacific. Roland has a wealth of experience in financial services IT solutions having held positions in consulting, sales and management in Europe and Asia Pacific.

“Roland is highly regarded as a leader, thinker and communicator within the information technology industry. He builds outstanding relationships with clients, partners and employees at all levels, and has a track record of success in growing lines of business in Asia. We look forward to the rich knowledge and experience he will bring to our organisation.”

Prior to his appointment at Bravura, Roland was a Vice President with Oracle Corporation. He represented Oracle’s software development organisation in Asia Pacific and Japan, ran Oracle’s banking industry solutions team for Asia Pacific and led Oracle’s middleware business to become the fastest growing middleware vendor in Asia Pacific for two years’ running. In more than eighteen years with Oracle Roland held a variety of senior sales and marketing positions in the United Kingdom and Australia.

Commenting on his appointment, Roland said, “I am delighted to be taking up the position of Managing Director - Asia Pacific with Bravura. Bravura is well positioned for long-term growth and I look forward to driving client success and innovation based on Bravura’s world class offerings.”

Roland holds a degree in Mechanical Engineering from The University of Sydney, is a Fellow of the Institution of Engineers Australia and a Member of the Australian Institute of Company Directors. He is a Director of Spatial Information Systems Limited and Engineering Australia’s Centre for Engineering Leadership and Management. He teaches leadership and communications at the University of Technology Sydney (UTS) and is deputy chair of the Industry Advisory Network for the Faculty of Engineering and IT at UTS.

Roland commences his new role on 1 November 2011.

Bravura Solutions boosts Babel STP capabilities with DTCC connection

Tue, 25 Oct 2011 00:00:00 +1100

‘Always-on’ resilient line offers clients dedicated link and direct access to US clearing and messaging services

London, 25 October 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) – a leading global supplier of transfer agency and wealth management software applications and professional services – today announced that it has boosted the straight through processing (STP) capabilities of its financial messaging platform, Babel, with a securely managed and reliable technology (SMART) connection to The Depository Trust and Clearing Corporation (DTCC).

DTCC is a leading processor of mutual funds and insurance transactions, linking funds and carriers with their distribution networks. The new private circuit offers Bravura’s clients quick and efficient access to DTCC’s subsidiary network, the National Securities Clearing Corporation (NSCC) and high speed message transfer services in the US. These include clearing, settlement, risk management and central counterparty services. There is also a guarantee of completion for certain transactions for virtually all broker-to-broker trades involving equities, corporate and municipal debt, American depositary receipts, exchange-traded funds and unit investment trusts.

More reliable and resilient than a web-based solution, the connection reduces potential downtime with the protection of continuity offered by the fixed line.

Babel connects directly into DTCC’s infrastructure via a permanent live connection into Bravura’s primary and secondary data centres. Already live, the facility is available to all of Bravura’s clients and offers administrators access to the US, the world’s largest mutual fund market, including North American fund ranges. In addition it offers clients the possibility to extend their markets to Canada, South America and Asia Pacific regions.

Tony Klim, Bravura’s CEO, said, “We pride ourselves on offering our clients scalable and comprehensive solutions. Babel is a market leading STP platform and we are pleased to enhance the product’s capabilities to better service client needs. As facilitators of the DTCC connection we are able to offer services right across all clearing and messaging mechanisms so that our clients can expand their services and reach new markets.”

The addition of the DTCC connection compliments Bravura’s existing STP financial messaging services. Babel already automates external linkage to a variety of markets and counterparties, using almost any message medium or format. This includes external connectivity to particular markets and platforms such as Allfunds Bank, Clearstream, EMX, Euroclear, FundSettle and Vestima+, as well as specific message protocols like FIX and all SWIFT standards

Bravura Solutions maintains position as sole Australian company on FinTech 100 for fifth year

Mon, 17 Oct 2011 00:00:00 +1100

Sydney / London, 17 October 2011 (ASX: BVA) - Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – is the only Australian company to have been listed among the world’s top 100 technology vendors to financial services companies by Financial Insights and American Banker magazine. Ranked 73, this is the fifth year that Bravura has secured a position on the FinTech 100 list.

The FinTech 100, now in its eighth year, is an annual listing of the world’s leading technology vendors that generate more than one third of revenues from the financial services sector.

Tony Klim, Chief Executive Officer of Bravura said: “We are proud to have secured a place in the FinTech 100 for a fifth consecutive year. It is testament to the quality of our software, business and people that we maintain our position as the only Australian company on this prestigious global list.”

Bravura launched its next generation wealth management platform, Sonata, at the end of 2010.
Providing a single administration solution for life insurance, trust, pension/annuity, group superannuation/pension and UK wrap, Sonata’s comprehensive capabilities include an easy to use web based user interface, sophisticated workflow modelling and business intelligence reporting.

“With two clients already signed to the platform, we are experiencing increasing industry interest”, said Klim.

“Now, more than ever, Bravura is well positioned for long-term future growth, with a 90 per cent improvement in EBITDA for FY2011 and sound operating cash flow.

“We attribute this trend of success to our strategy of geographic diversification, developing a strong product offering and delivering quality financial software to a blue chip client base.

“During the 2010 calendar year we also signed three new client contracts with leading financial institutions and completed implementation projects with two clients. So far this calendar year, we have signed four new client contracts and have completed implementation projects with a number of key clients,” said Klim.

FinTech 100 rankings are determined on the basis of calendar year-end revenues and the percentage of revenues attributed to financial services.

To view the FinTech special report, visit www.AmericanBanker.com/fintech100

Politis signs seven year contract with Bravura Solutions

Wed, 12 Oct 2011 00:00:00 +1100

Sydney, 12 October 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – today announced a seven year contract with existing client, Politis Investment Strategies (Politis), for the use of Garradin, Bravura’s private wealth and portfolio administration system.

Following a thorough review of solutions available on the market, Politis, a boutique private client investment firm, has elected to extend its existing five year partnership with Bravura.

Gregory Politis, Politis’ Director commented: “After evaluating the solutions available to us, we believe that Bravura continues to offer the most comprehensive and effective solution for our needs. Garradin has consistently met our expectations and we believe it is the best product for administering our self-managed super fund, managed discretionary accounts and high-net-worth client business.

“We sought to secure a long-term partnership with Bravura, to ensure sustained operational stability for our organisation, and to allow for the continued provision of high-quality efficient service to our clients.”

Jason Tong, Bravura’s Chief Operating Officer – Global Wealth Management said, “We are delighted that Politis has chosen to continue to partner with us for the use of Garradin. We continually invest in our product range, ensuring that our solutions grow and adapt to our clients’ future requirements.

“It is testament to both Bravura as a partner, and Garradin as a high quality offering that even after an external market review, Garradin was found to be the best fit for Politis.”

Garradin is a comprehensive, multi-currency investment management system with integrated asset management, registry and tax management functions. It is a single, fully modular system that can be deployed across multiple sectors.

Bravura Solutions releases Garradin 12.0

Thu, 06 Oct 2011 00:00:00 +1100

Sydney 6 October 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – is pleased to announce the release of version 12.0 of its Garradin private wealth and portfolio administration software.

Garradin 12.0 features a range of enhancements including refinements to the solutions tax engine that further extend Garradin’s tax optimisation functionality, as well as the ability to accommodate new Taxation of Financial Arrangements (TOFA) regulatory requirements. TOFA regulations have been progressively rolled out over recent years, affecting the tax treatment of gains and losses on financial arrangements.

Darren Stevens, Bravura’s Global Head of Product – Wealth Management said: “We are continually developing Garradin to ensure that it is the most up-to-date and comprehensive software solution in the market.

“Garradin 12.0 not only fulfils regulatory requirements, but also provides a number of significant operational advantages through its enriched tax optimisation capabilities and tax structures. Our Garradin clients have reported improved operational efficiency, faster turnaround times, smooth interoperation between systems and general process improvements,” said Stevens.

“By continuously refining and enhancing Garradin’s functionality, we guarantee its position as a market leading offering and, as a result, have generated significant industry interest.”

Garradin is a fully integrated private wealth and portfolio administration solution offering extensive asset coverage and a market leading tax engine. It is a comprehensive, multi-currency investment management system with integrated asset management, registry and tax management functions.

Bravura significantly enhances its support, development and testing capability

Mon, 12 Sep 2011 00:00:00 +1000

Sydney / London, 12 September 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – is pleased to announce the enhancement of its support, development and testing capability, with an expert team in Gurgaon, India, supplementing its existing development centre in Warsaw, Poland.

Bravura has undertaken this strategic move in order to cost effectively deliver enhanced client service levels; increase development and testing capabilities, and improve helpdesk service and turnaround times for client requests and enquiries.

Tony Klim, CEO - Bravura Solutions said, “We have significant interest in our new wealth management platform, Sonata, as well as development requirements to support new regulatory changes.

“Expanding and focusing our support and development capability allows us to more effectively meet this client demand. We now have a dedicated team of resources that can quickly respond to increases in product development requirements.”

The India team will support both transfer agency and wealth management clients located globally.

“The establishment of this function is an initiative that formed part of the rationale of our acquisition of the Mutual Fund Technologies business in 2010. In addition to a world class product and an expanded global footprint, the acquisition afforded access to an established, highly skilled and experienced leadership team, providing a solid foundation on which to build,” said Klim.

Bravura expects to increase its presence in India over the coming months, hiring further developers and test analysts to support its wealth management products.

A new office in Gurgaon, India (30km outside of Delhi) opened today.

Australian Ethical Investment implements unit pricing and asset management functionality with Garradin

Wed, 03 Aug 2011 00:00:00 +1000

Sydney, 3 August 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services is pleased to announce that leading fund manager Australian Ethical Investment, has implemented the unit pricing and asset management functionality of Bravura’s Garradin software.

Garradin is a comprehensive, multi-currency investment management system with integrated asset management, registry and tax management functions for back office processing.

Gary Leckie, CFO/COO, Australian Ethical Investment said, “Consolidating our asset management, unit pricing and general ledger functions into Bravura’s Garradin system has eliminated the administrative burden of reconciling numerous systems. We are already seeing simplified daily unit pricing processes, and have experienced decreasing levels of risk in our investment management system.

“Implementing Garradin has allowed us to focus on delivering strong investment performance and excellent client service,” continued Leckie.

The overall strategy for the implementation of Garradin has been performed in a staged approach, with specialised investment management consultancy firm, First Treasury, managing its selection and implementation.
Darren Stevens, Bravura’s Head of Product for Wealth Management said, “Garradin provides an enhanced user experience, improves data quality and streamlines processes, thereby enabling a greater capacity to move into new business areas.”

Garradin enables users to manage securities trading and settlement, value and track performance, check compliance against preset rules and mandates and generate accounting entries. The system can also produce a variety of operational and management reports, and has the ability to manage unit registry and unit pricing processes.

Bravura Solutions appoints Head of Professional Services for Australia

Mon, 25 Jul 2011 00:00:00 +1000

Sydney, 25 July 2011 (ASX: BVA) – Bravura Solutions Limited (Bravura) - a leading global supplier of transfer agency and wealth management software applications and professional services – has appointed Mr Jon Alder as its Head of Professional Services for Australia.

Based in the Sydney office and reporting to Jason Tong, Bravura’s Chief Operating Officer for Global Wealth Management, Jon’s role will primarily be overseeing Sonata client implementations, beginning with Russell Investments, which recently signed a contract to use Sonata to administer its Private Investment Series.

Jon will also be responsible for ensuring the successful delivery and continuous improvement of implementations, client satisfaction and business development through timely and professional completion of projects and provision of products.

Tong said, “Jon has exceptionally broad operational and project implementation expertise, as well as many years’ experience in delivering innovative, strategic projects that drive business growth.

“Two clients have already chosen Sonata as their administration platform and we are seeing increasing interest from superannuation, life insurance and investment organisations. It was important for us to find the right person to fill this role, with the requisite skillset to focus on successful client implementations that run on time and to budget. We are delighted to have Jon on board.”

Prior to joining Bravura Solutions, Jon worked for SS&C Technologies (SS&C) for three years as the Head of Operations and Professional Services. In this role he was responsible for managing consultancy, client management and system support for SS&C’s investment management software solutions in Australia.

Prior to SS&C, Jon worked in both Australia and the UK for various financial services organisations including Jupiter Unit Trust Managers, Cardif Pinnacle, Mariner Financial, Challenger and Westpac, in operational and project leadership roles.

Jon is currently completing his Masters in Business Administration (Finance), and is accredited in both Six Sigma® and PRINCE2® methodologies. Jon commences his role with Bravura Solutions on 1 August 2011.