1-Dec-06
Odyssey Financial Technologies, the leading financial software solutions supplier, is pleased to announce the setting up of a dedicated division to support and develop its activities in Russia, Poland, Czech Republic, Hungary and the Baltics.
With these countries opening up their burgeoning financial sectors to global investment, it is a logical move for Odyssey to become established in this new market. Assets under management in the region, although still well below Western Europe in 2005, have risen steadily since the 1990s. The opportunity to provide wealth management solutions supporting this growth is a natural step for Odyssey, which has opened offices in the Americas and Asia in the past five years.
Heading the new initiative is Michel Jongen, who is appointed General Manager - East and Central Europe. As one of Odyssey’s co-founders, he has been instrumental in developing Odyssey’s business in the Benelux countries and Germany.
“We are currently working hard on the delivery of our first reference project in Moscow. Building on our proven capacity to deliver and the resulting client satisfaction, we are determined to position Odyssey as the reference supplier of Wealth Management solutions in this part of the world over the next three years," Michel Jongen says.
Fast growing wealth, increased compliancy regulations and an international ‘best practice/best execution/best service’ market context are fuelling the need to structure the wealth management business and the infrastructure to manage it.
"This is what we have been doing on a global scale for the last ten years. We are looking forward to bringing our knowledge and experience to one of the fastest growing wealth management markets in the world,” continues Michel Jongen.
Odyssey's component approach is an effective way to build up the wealth management platform in line with the evolving business requirements of its clients. Odyssey's solutions can support discretionary and advisory investment management services for High Net Worth Individuals as well as Retail clients.
"Our ability to scale is proven both in terms of users and clients under management. With our ‘out-of-the-box’ workstations specially packaged for Portfolio Managers and Relationship Managers, we can deliver experience in record implementation time-scales. Our fully browser based workstation technology can also be used for tailor-made solutions adapted to the needs of various user groups. The business plan includes the setting up of local offices as well as the delivery of Odyssey services in partnership with experienced and local system integrators” Michel Jongen adds.
The new Eastern European division will commence operations in December 2006.