The Scottish Friendly Assurance Society has chosen Linedata’s fund administration solution, Icon.
The mandate follows the Scottish firm’s review of its fund accounting system, in order to cater to increased volumes and more complex funds under management. This is a response to its acquisition of Marine & General Mutual, which almost doubled its assets to £2 billion.
Linedata’s solution was chosen for its flexibility and scalability, meeting Scottish Friendly’s current and future needs. The system has been implemented for 15 funds totalling about £1 billion in assets under management, with plans in place to add 25 additional funds, totalling a similar amount.
The solution is designed to allow clients to adapt new requirements quickly, and includes a specialist business process management tools and calculation and validation functions for net asset values and collective investment prices.
Liam Gilmore, head of finance at Scottish Friendly, said: “Linedata has an established presence in Scotland, with a significant client base, a local support office and regular client events so we are confident that we will get support, regular communication and networking that help us derive maximum benefit from our investment in the system.”
Thierry Soret, Linedata’s head of back office asset management, said: “Linedata continues to invest in Linedata Icon to ensure that our clients can rely on us to meet their administration system needs, in terms of functionality, scalability, regulatory updates and new instrument coverage.”
“Beyond that, we also pride ourselves on the high levels of support and communication we maintain as we believe that these are vital to a successful partnership with our clients.”
