Renaissance Capital Asset Management selects Odyssey solutions

This project will become the first stage of the construction of a new fully integrated STP system for its investment and portfolio management business, RCAM says.

Renaissance Capital Asset Management (RCAM), part of Russian investment bank Renaissance Capital Group, has selected Odyssey Asset Management Systems as part of its overall strategy to introduce industry best practices and establish a new standard of wealth and asset management in the region. Odyssey’s first selection in Russia and the CIS represents a strategic move for the vendor, which is hoping to use the partnership as a springboard into Eastern Europe. The solution replaces inhouse systems, and will be implemented jointly by Odyssey and global management consulting, technology services and outsourcing company Accenture. Currently undergoing back office re-engineering, RCAM expects the first significant deliverables around July 2006, with completion of the project predicted for November 2006, stpzone.com has learnt.

RCAM, which services both global institutional clients and ultra high net worth individuals, plans to implement both Odyssey’s portfolio manager workstation and relationship manager workstation, to provide advice, support and reporting to its clients. The investment management firm hopes the selection will allow it to extend its range of wealth management products and services, streamline its operating processes and significantly reduce maintenance costs, explains Max Yanpolsky, head of business technologies at RCAM. “This project will become the first stage of a construction of a brand new fully integrated STP system for our investment and portfolio management business which will technologically position us among the most advanced companies in the world responding in full to rapidly increasing sophistication and demands of local and international clientele.” RCAM was impressed with Odyssey’s simple user interface and comprehensive functionality, as well as its capacity to provide full client information on a single screen in milliseconds, Yanpolsky told stpzone.com. “Odyssey’s deep understanding of industry trends and private banking processes also assured us that we are not just buying a piece of software but a seasoned business solution,” he adds. Odyssey’s solution is also flexible, and can be adapted to the Russian business environment.

Odyssey’s partnership with consulting company Accenture, which has an integration alliance with Odyssey and is already present within the Russian market, was also an important factor in the selection process. According to Didier Vankeerberghen, global sales director at Odyssey Asset Management Systems, implementation will be phased, with planning partially contingent upon RCAM’s current back office re-engineering projects. “The major challenge will be the outcome of their back office reengineering, in terms of the impact and interaction it will have on us. But otherwise what we are going to implement is a standard solution, based on our existing product but adapted to the Russian, and specifically Renaissance, environment,” Vankeerberghen explains. RCAM plans to release the Relationship Manager Workstation in July 2006, and to go live with the entire solution including Portfolio Manager Workstation in November 2006, Yanpolsky told stpzone.com. “Like any other bank, we’re expecting to have some challenges around interfacing with our back office system but I am confident that we are capable of implementing the solution within the given timeframe and budget.”

Among Odyssey’s major objectives is to become increasingly present beyond the traditional European markets. Its strategy is to leverage on the RCAM signing, proving on the deliverables, says Vankeerberghen. “Software suppliers have had difficulties penetrating these eastern markets and have often failed in first implementation. RCAM are well known for being a top, innovative investment bank which makes them a very good name to start with.” Vankeerberghen adds: “Our immediate objective is to make Renaissance a success."

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