Provides leading investment management software to Australia’s premier multi-family office
Sydney, 27 January 2009 (ASX: BVA/OTC: BRVSY) – Bravura Solutions (Bravura) – a leading global supplier of wealth management applications and professional services – today announced that it has signed an agreement with Australia’s premier multi-family office, the Myer Family Office (MFO), for the purchase of its Garradin investment management system.
Recognised by Euromoney magazine for three years in a row as Australia’s leading adviser to families with inherited wealth, MFO applies the knowledge and experience from its work with five generations of the firm’s founding Myer family to create enduring prosperity for all its clients and their successive generations. Today MFO offers a comprehensive range of family governance, wealth management and philanthropic services to wealthy families, foundations and charities.
Mr Mathew Browning, Head of Investment at MFO, said: “We are delighted to be progressing towards implementation of Bravura’s Garradin product. After an exhaustive evaluation of solutions on the market conducted with the help of Foxrock Consulting, Garradin was selected for its functionality, low cost of ownership and the strong, local support provided to us by Bravura.”
“We will be using Garradin as a unit registry solution to administer several of our funds on behalf of our family, philanthropic and charitable clients. In particular, Bravura’s agreement to incorporate BPAY functionality was a key consideration, as it is critical to the operation of MFO’s cash management trust. We have purchased the product outright and our agreement also includes a support provision for a five-year period. We look forward to working in partnership with Bravura,” he said.
Mr Simon Woodfull, Bravura Group CEO and Director – Operations said: “The agreement with MFO is part of our ongoing commitment to serving boutique wealth advisers and managers with institutional quality software and service solutions. The unit registry solution purchased by MFO will support it in streamlining its processes and providing its clients with clear information about their holdings.”
Garradin is a multi-currency investment management system, allowing multiple processes to be integrated and existing legacy systems to be replaced. It is a modular solution so it can be deployed across multiple sectors including retail wealth management platforms (such as wraps, master trusts and managed accounts), wholesales investment management, registry, mutual funds and custody.
MFO’s Garradin installation is scheduled for completion in early June 2009.