offices and assist Bravura’s rapid UK and European expansion.
Australian High Commissioner to the UK, the honourable Richard Alston, will be officially opening the new London office this evening. The UK is a key growth market for Bravura, with the UK and European regions accounting for its largest revenue stream during the past financial year. In FY2006/07, UK/Europe accounted for 61 per cent of Bravura’s consolidated revenue, which is expected to grow this financial year.
During the last year, Bravura has successfully completed two acquisitions in the region: Rufus – a transfer agency software business – from The Bank of New York’s UK subsidiary; and AB Prodata, a Luxembourg-based financial software vendor. Bravura’s UK/European workforce has increased from 12 to more than 300 employees as a result of its expansion and the new facilities provide Bravura additional capacity for this growing workforce.
Iain Dunstan, Group CEO and Managing Director, Bravura Solutions, said: “The UK and European markets are experiencing rapid growth and creating considerable business opportunities for Bravura, specifically through the introduction and growing popularity of wrap platforms.
“According to Datamonitor, assets under administration within ’wrap-like’ services are forecast to grow to approximately £150 billion in the UK by 2008. Bravura is well-placed to leverage existing relationships and provide wrap applications to UK customers.
“The move to larger and more central premises in London, combined with Bravura’s offices in Edinburgh, Manchester and Luxembourg, highlights our growing market presence and commitment to servicing client needs. In addition, the new premises will provide significant operational and infrastructure savings over the coming years.”
Bravura has 35 clients in the UK and European region. These encompass leading wealth and investment companies, including Cardiff Pinnacle (part of BNP Paribas), Friends Provident, Nucleus Financial Group, Scottish Friendly Assurance, The Bank of New York, Mellon and Nordea.