IBS Journal September 2015
WHO? Maitland WHAT? Flexcube Investor Servicing from Oracle FSS
Johannesburg, South Africa
Maitland, a South Africa-based inde- pendent third-party fund administrator, has chosen Oracle FSS’s Flexcube Inves- tor Servicing to support the expansion of its global transfer agency services. Maitland says Flexcube will replace
its legacy system, Silica, which has been used since 2005. The move will assist its investment products and funds, which include long-only funds, retirement and unit-linked products, hedge funds, and alternatives – and will place them all on a single application. Jim Clark, head of transfer agen-
cy services at Maitland, says: ‘Silica is a good, solid system, and I wouldn’t be critical of it in any way, but we didn’t feel it was the right platform for taking our business to an international level. Maitland’s policy is not to build technol- ogies but to buy them. ‘Oracle was the clear winner. It
importantly gave us an excellent track record in South Africa of others using their platforms. It’s always nice to see
that someone else has gone first. ‘We did consider other systems, as
this is a critical decision which can last for ten or 20 years, but being South African-centred, it gives you an interest- ing challenge. ‘We spoke to many global players
but they didn’t see South Africa as some- thing that was on their radar. We want to move out of our South African home base to become more of a global player.’ Maitland has already moved into
the UK – in April this year it acquired 100 per cent of Phoenix Fund Services, a fund administration services firm. The company is looking for more
automation and standardisation, and says Flexcube will enable it to support multi-currencies, multi-domiciles and multi-lingual servicing across its entire services portfolio. Oracle says its Flexcube Inves-
tor Servicing has proven popular in South Africa. It states that it current- ly services over 40 per cent of assets
under management registered by South African Collective Investment Schemes. (These are open-ended investment companies where members of the pub- lic are invited to invest money or other assets in a portfolio. The investors share the risk and the benefit of investment.) The Flexcube project at Maitland will be a multi-phase one and the first phase will go live at the end of this year. Throughout next year there will be subsequent phases and Maitland’s objective is to be finished by the end of 2016. Anand Ramachandran, senior director,
global banking solutions practice at Oracle FSS global business unit, doesn’t see the project as a challenge but as a process. ‘The customers of Maitland are
used to a given way of looking at things. There will be some unlearn- ing and relearning, but it’s all about taking it to the next level of maturity,’ Ramachandran says.
Antony Peyton
36
© IBS Intelligence 2015
www.ibsintelligence.com
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