20-Sep-04
Odyssey Asset Management Systems and Accenture have signed an agreement to jointly market and deliver Odyssey’s IT solutions to financial services firms serving wealthy and affluent individuals.
Under the alliance, Accenture has become preferred implementation partner for Odyssey’s suite of wealth management applications, and the two companies will jointly market the solutions to private banks, asset managers and large brokerage firms in Europe, North America and Asia.
Despite a rebound in the worldwide private banking sector, which is growing at nearly 15 percent according to recent estimates, many firms are facing cost pressures due to anti-money laundering regulations and new tax and transparency requirements, along with relatively high customer attrition rates. The alliance combines Accenture’s implementation capability and knowledge of the financial services industry with Odyssey’s leading-edge wealth management solutions, which enable wealth managers to quickly access and analyze client and portfolio information, resulting in better client service and more automated reporting.
“This alliance combines two leaders in wealth management technology, consulting and IT integration,” said Bill Cline, managing partner of Accenture’s Global Capital Markets practice. “Working with Odyssey we can generate new value for our clients and forge powerful and innovative new solutions for this growing sector.”
Odyssey is Europe’s leading wealth management applications provider. Its application suite includes tools for portfolio reporting, portfolio management and client relationship management. Accenture serves most major capital markets and banking institutions worldwide.
“Accenture is an ideal preferred partner as we focus on the key growth challenges of the world’s top wealth managers,” said Antoine Duchateau, CEO of Odyssey Asset Management Systems. “This relationship allows us to continue our success of the past seven years, while expanding further into Europe and the US and enhancing our ability to scale for the largest enterprises.”
The alliance announced today formalises a relationship between the two companies that began in 1996 and has led to a dozen wealth management systems projects in Europe. Most recently, Accenture and Odyssey implemented a Triple’A based portfolio performance reporting system for ABN AMRO’s Private Clients group in the Netherlands.
ABN AMRO is currently considering Accenture and Odyssey for implementation of the full Triple’A portfolio management solution for the advisory as well as the discretionary portfolio management business.
“The Accenture-Odyssey combination has served us very well,” said Arnoud de Roy van Zuydewijn, ABN AMRO Private Clients Netherlands. “Their commitment to delivering tools that support our customer intimacy strategy and their competency to do so rapidly on a large-scale basis is why we have chosen them again to help innovate our private banking operations.”
Accenture is a global management consulting, technology services and outsourcing company. Committed to delivering innovation, Accenture collaborates with its clients to help them become high-performance businesses and governments. With deep industry and business process expertise, broad global resources and a proven track record, Accenture can mobilize the right people, skills, and technologies to help clients improve their performance. For further information please visit www.accenture.com.