SimCorp to handle Schroders' investment management system

Schroders Australia has selected SimCorp’s Dimension to handle the investment management of its Sydney-based portfolios.

The new software replaces the 12-year-old system Portia, as well as several in-house settlement applications for Schroders across the Asia Pacific.

The move will be the final step in moving all countries in the region onto the Singapore-based investment management system. Hong Kong, Japan and Indonesia all made the move in 2009.

Schroders head of Asia Pacific IT, Jason Wood, said the decision was part of a global strategy to future-proof the business and move away from legacy custody-based systems.

Wood said the Australian business had materially expanded over a short period and was keen to invest in the core platform to support future growth.

“Now that we have migrated Australia onto the regional platform, we can maintain a high level of service during periods of growth, without requiring additional resources,” Wood said.

Schroders, with assets under management of $25 billion, opted to undertake the migration using internal resources — a process that took just over 12 months to complete.