Frankfurt – November 30, 2005 - Odyssey Asset Management Systems today announced that it has entered into a definitive agreement with Reuters to acquire the Reuters Portfolio Management System (RPMS) business. The transaction is expected to close on or around 31st December 2005.
The transfer to Odyssey of the RPMS product, contractual customer relationships, and the employees in the three RPMS office locations – Frankfurt, Hamburg, and Munich - considerably reinforces Odyssey’s presence in the German wealth management market and its position as the leading vendor in this sector.
Odyssey will now be able to service an increasing number of investment management organisations in Germany, through leveraging on the combined strength of the existing and acquired business. Existing Odyssey clients such as HVB, DAB bank, HASPA, HSH Nordbank, and Delbrück Bethmann Maffei will benefit from the combined expertise of two main market players and a strong local workforce.
The existing 60 RPMS customers, and 168 entities serviced through an ASP venture, will continue to be fully supported by Odyssey through the transferred RPMS teams. Apart from the 50 customers in Germany, there are RPMS sites in Switzerland, Austria, Luxembourg and the UK where major wealth managers are users of the RPMS platform. These customers will now have the opportunity to take advantage of a wider range of wealth management solutions through the Odyssey Component Suite and the market leading Relationship Manager and Portfolio Manager Workstations.
Leveraging on Odyssey’s research & development investment, RPMS customers will benefit from a whole new range of capabilities beyond portfolio management functions, including even stronger workflow integration, customer relationship management, reference data management, and reporting. The potential evolution of RPMS customers towards Odyssey’s product suite will be facilitated through a forward looking and commercially attractive upgrade path.
Antoine Duchateau, CEO and Founder of Odyssey comments: "By acquiring RPMS, Odyssey extends its leading market position in Europe, considerably strengthens its German operations, and reinforces the global growth potential."
Michel Jongen, Odyssey’s General Manager of Western Europe says: "The combination of Odyssey’s product range, the industry knowledge of the RPMS staff and the Reuters PMS foot-print creates a new powerhouse for wealth management solutions in Germany, which will serve RPMS customers well."