DSTi’s major wrap client in the UK has put the software contract for its $35 billion-plus platform out to tender.
Ian Mathieson, head of DSTi Australia and New Zealand, confirmed the Norwich Lifetime contract was under review with several other firms in the hunt for the lucrative deal. “;We have responded to an NU [Norwich Union] tender issued from the UK by them along with other interested parties,”; Mathieson said. Norwich declined to comment. Last April research firm Forresters reported the Lifetime wrap held funds under administration of £14.1 billion (almost A$34 billion), making it larger than most Australian platforms. While Aviva, Norwich’s parent company, has not supplied current data for the Lifetime wrap it did report new sales of almost £14 billion into the platform in the 2006 calendar year. Mathieson said a decision on the Lifetime contract is expected within three months. “;Whilst DSTi is not in control of the decision making process or announcement timeline, they are hopeful of an outcome being announced before the end of June 2007,” he said. “However, this is subject to change at the initiation of Norwich.”; Australian software firms Bravura, Infocomp and Praemium have been active in the UK over the last two years with all three having secured major deals in the last 12 months.
Since taking over the top job at the $44 billion Funds SA more than a year ago, chief executive John Piteo has ushered in an investment function overhaul and wrapped up an important stage of the fund’s five-year data transformation program. It pledges to recentre around investment performance and more efficient processes, as the “missing piece” has been found in incoming CIO Con Michalakis.
Darcy SongJanuary 10, 2025
