COR Systems’ investment fund administration technology supports growth at Abbey National Financial Investment Services
London, 23 May 2001 – COR Systems, the specialist investment marketing and administration software developer for financial services, today announced the successful implementation of its flagship product CO-STARS™ at Abbey National’s Life Division.
CO-STARS retail fund management software, has been chosen to support business growth within the company’s Glasgow-based Abbey National Financial Investment Services operation (ANFIS). Project objectives include increasing operational functionality across the range of retail investments such as Unit Trust, OEICs and Equities, and reducing administration overheads through the implementation of CO-STARS business process-based platform.
Completed within an aggressive three-month timescale, the initial phase of the project provides end-to-end electronic processing for equity-based Employee Share Save Schemes within ANFIS. Subsequent phases, due for completion in 2001, will integrate CO-STARS’ complete suite of asset, product, charge management facilities and underlying business rules across ANFIS’ future business areas. Existing business residing within legacy applications will also be converted as part of the project.
“This was an ambitious project with a high degree of risk attached. We needed to have complete confidence in our choice of supplier and were looking for guarantees in terms of deployment timescale, industry knowledge and technical expertise to ensure the smoothest possible migration,” explains John McGrory, head of life, investment and healthcare products at ANFIS.
“We found a pro-active partner in COR Systems, capable of delivering the consultancy skills required by the project and driven by results. The company’s thorough conversion proposals and commitment to provide the level of support necessary during tender made them the clear choice.”
CO-STARS conforms to an open architecture capable of communicating with new and existing business processes through a standard object model. It offers support for customer relationship management and multiple instrument types, allowing multiple sales channels to be operated across a common set of investments. CO-STARS is designed and engineered to meet the specific needs of large retail financial services organisations and enables them to build future applications and business areas without the constraints of proprietary or legacy systems.
Steve Osborne, executive chairman, COR Systems states: “Through CO-STARS, ANFIS now has the capability to support their full range of retail investment products on one system.
“Lowering the cost of ownership is a critical consideration within the financial services industry as is the ability to grow existing and new business areas without IT constraints. CO-STARS delivers on both counts, with open software specifically developed to meet the high speed and low cost requirements of the financial services sector and through the proven scalable, flexible and advanced connectivity of the CO-STARS platform.”
ANFIS is the latest organisation to work with COR Systems, joining a blue-chip client base that includes Marks and Spencer, Legal and General and Family Assurance.
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About Abbey National Financial and Investment Services
ANFIS is the service company supporting the Life Division brands of Scottish Mutual, Pegasus and Abbey National Life. The combined total new business volumes of these brands places the organisation as one of the leading life assurance operations in the UK.
With almost one in three households in the UK having a relationship with Abbey National or one of its subsidiaries its customer base includes investors in a wide range of Life Assurance, Pension, Protection, PEP, ISA and Unit Trust products as well as the traditional banking products. Funds in excess of £20 billion are managed by Abbey National’s in-house fund management company, Abbey National Asset Managers, also based in Glasgow.
About COR Systems
Based in Eastleigh in Hampshire, with additional offices in London and Edinburgh, COR Systems has been established since 1996. COR Systems’ flagship product CO-STARS™ is a full e-business enabled solution, providing comprehensive facilities for a wide range of retail investment products including Unit Trusts, OEICs, equities, investment Trusts, ISAs, PEPs, TESSAs, Stakeholder Pensions and IPAs. Most recently CO-STARS has been enhanced to provide additional functionality for Fund Supermarkets and Third Party Administration (TPA) companies.
COR Systems has an extensive client base of blue-chip financial institutions, including Marks & Spencer, Legal & General, Family Assurance, Laing & Cruickshank, and Scottish Friendly. In November 2000 COR systems successfully acquired Investment Software Solutions, a specialist financial services software provider based in Edinburgh.
For further information
Karin Clark/Sara Toal
271 Regent Street
Tel: +44 (0) 207 959 5400
Chris Kaye /Chris Brooke
Upper Market Street
SO50 9FD, UK
Tel: +44 (0)23 8061 5500
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