Cape Town - Old Mutual Wealth (OMW) said on Tuesday it has terminated its contract with IFDS for the "Bluedoor" back-end investment administration platform and associated business process outsourcing and the related work with DST on the "Opendoor" front-end solution.
OMW has contracted with FNZ to deliver platform and outsourcing services. FNZ is a platform supplier and outsourcer with an existing UK platform service of significant scale. FNZ has a number of major UK financial institutions as clients.
According to OMW, these decisions considerably de-risk its UK platform transformation programme.