Schroders Australia has selected SimCorp’s Dimension to handle the investment management of its Sydney-based portfolios.
The new software replaces the 12-year-old system Portia, as well as several in-house settlement applications for Schroders across the Asia Pacific.
The move will be the final step in moving all countries in the region onto the Singapore-based investment management system. Hong Kong, Japan and Indonesia all made the move in 2009.
Schroders head of Asia Pacific IT, Jason Wood, said the decision was part of a global strategy to future-proof the business and move away from legacy custody-based systems.
Wood said the Australian business had materially expanded over a short period and was keen to invest in the core platform to support future growth.
“Now that we have migrated Australia onto the regional platform, we can maintain a high level of service during periods of growth, without requiring additional resources,” Wood said.
Schroders, with assets under management of $25 billion, opted to undertake the migration using internal resources — a process that took just over 12 months to complete.
The research house has offered a silver lining after super funds returns saw the end of a five-month streak last month.
A survey of almost 6,000 fund members has identified weakening retirement confidence, particularly among those under 55 years of age, signalling an opportunity for super funds to better engage with members on their retirement journey.
The funds have confirmed the signing of a successor fund transfer deed, moving closer to creating a new $29 billion entity.
A number of measures, including super on Paid Parental Leave, funding to recover unpaid super, and frameworks to encourage investment in the energy transition, have been welcomed by the superannuation industry.
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