As of July 2016, Garradin version 12.1 is currently in use. Some of the enhancements were to functionality such as fund distribution, automated testing, datafeeds, password security and compliance to Attribution managed investment trusts (AMIT) legislation.


In January 2018, Bravura won a new user in the form of Foresters Friendly Society (Foresters) for the implementation of its


Garradin platform. Foresters selected Bravura’s Garradin solution as its new administration platform to support their funeral bond and insurance policy business.


Transfer agency business


Another important prong to Bravura’s business is transfer agency administration. In 2006, it acquired the transfer agency business of Bank of New York, Rufus, for £32 million ($50 million). There were around 75 customers of this, across Luxembourg, the UK, Ireland, and the Channel Islands, with 1500 funds and more than six million investor accounts. Bank of New York was the largest user and the deal included a five year licence agreement. The major deal was financed in part by proceeds from Bravura’s successful IPO. There were 270 employees in the business, most of whom moved across. The relationship with what is now Bank of New York Mellon (BNYM) has continued to develop, with the signing of a five-year deal in 2008, broadening the use of Rufus to offices in London, Edinburgh and Pune. This partnership was extended in August 2012, with Bravura announcing a ten-year agreement with BNYM for the consolidation of its transfer agency technology onto Bravura’s platform across its European securities servicing business. One benefit of the change of ownership, said Bravura’s Klim in 2009, was that it was easier for the software company to sell Rufus to large banks than it had been for Bank of New York. This was reflected in a deal from JP Morgan Asset Management, which moved its UK product lines off diverse systems and onto Rufus during 2008. A similar deal to that with Bank of New York came in the second half of 2008 when Bravura acquired Citi’s Warsaw- based transfer agency software and employees, for $21 million. The operation provided services for Citi’s securities and fund services business in Europe, based on its GTAS platform. It meant Bravura was now the largest transfer agency application provider in Europe. This was all positive but there were notable changes at the top of the company in February 2010. Dunstan departed and Woodfull took over his group CEO role. Bravura’s chairman, Neil Broekhiuzen, left at the same time, to be replaced by non- executive director, Brian Mitchell. The latter had previously been senior vice president at Oracle Asia Pacific and before this had been Oracle’s managing director for Australia and New Zealand.


The changes coincided with depressed half-year results to 31st December 2009. The completion of a number of large implementations was blamed for a fall in revenue from Australia and New Zealand; completed implementations were also cited as a factor in Asia Pacific. Personnel changes continued in 2011, with Woodfull subsequently leaving his post to be replaced by Klim as CEO. It was then announced that Bravura was buying European


transfer agency services provider, Mutual Fund Technologies (MFT), whose Global Funds Administration System (GFAS) would sit alongside Rufus and GTAS. MFT brings four customers comprising GAM, Invesco, JP Morgan Worldwide Securities and Schroder Investment Management. GFAS was developed for Fidelity Investments, with MFT set up in the UK in 1997 to offer managed services on a commercial basis. There has been no addition to the customer base for a number of years. The system was built for the IBM AS/400 in the RPG programming language and remains on this platform, with MFT not successful with plans to rewrite it. At the time of the acquisition, Bravura had no plans for convergence of the systems.


In 2015, Bravura launched a new deployment model for


its Rufus transfer agency (TA) through SaaS transfer agency delivery model. The off-the-shelf model offers core TA functionality across a standard set of modules including STP capabilities. There have been few uptakes of the Rufus Software as a Service offering. One such was Smith & Williamson, the accountancy, investment management and tax group and a fast-growing UK independent authorised corporate director service provider, which onboarded Bravura’s SaaS funds administration package. This includes the adoption of Bravura’s automated end-to-end STP messaging technology solution, Babel. Smith & Williamson became the second group to take up the SaaS package, following boutique asset manager Margetts Fund Management Limited (Margetts), who moved to self-administration with the SaaS package. Another was Castle Trust, which will use Rufus SaaS to


insource their administration operations and includes the adoption of Bravura’s automated end-to-end STP messaging technology solution ‘Babel’ and also ‘taWeb’, the front-end web application platform for investors and administrators alike.


Back Office Systems & Suppliers (BOSS) | www.ibsintelligence.com 79


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