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.
Morningstar expects the Reserve Bank will still make around three cuts in this cycle, bringing the cash rate to a neutral level of around 3 per cent.
Economists have tipped inflation to ease further, but any upside surprise in the June quarter CPI could derail the Reserve Bank’s plans.
Australians are losing millions weekly in unpaid super, yet payday super laws have not made it onto Parliament’s agenda.
First Nations Australians have faced systemic barriers accessing super, with rigid ID checks, poor service, and delays compounding inequality.