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Citisoft supports set up of Selestia, the new multi-manager proposition for IFAs

-Selestia offers IFAs access to modern portfolio contruction techniques, which have not until now, been available in the retail market
-Second major project for Citisoft's new Retail Division

4th December 2001 - London - Citisoft, the specialist investment management consultancy, has today announced the successful completion of a project for the innovative multi-manager business Selestia.

Selestia Investments Limited is a new business within the Old Mutual Group and was launched on 1st November 2001. Selestia is a groundbreaking, exclusively IFA multi-manager platform. Through its online and offline services IFAs can access a series of tools that employ the same methodology used by major investment corporations, such as insurance companies and investment funds, to put together bespoke portfolios for their clients.

Selestia currently offers a wide range of funds from 23 leading fund managers, including manager of managers SEI, from which the IFA can construct the portfolio. An IFA can access these funds direct without using the tools if they wish.

Selestia is also the only exclusively IFA provider to offer a fully online service, which means transactions can be carried out in a matter of minutes, within a secure password-protected environment. A paper-based service is also available.

Citisoft was responsible for the definition and implementation of the investment administration process within Selestia, including the selection of FundsHub, which provides the technology infrastructure for the project. Citisoft's extensive knowledge of investment administration meant the project could be completed within aggressive timescales.

Brett Williams, Managing Director of Selestia said, "I believe that we at Selestia have developed a proposition that will revolutionise the way retail investment decisions are made and portfolios are managed in the UK. It is time for a market-led, customer-focused provider, free of the legacy systems that have hamstrung the traditional product providers."

Mark Williams, Finance Director of Selestia commented, "We chose Citisoft because they were able to offer the business knowledge and project skills that we needed. Their contribution at each stage of the project has been vital and was a key driver in the success of our programme."

Jonathan Clark, Business Development Director at Citisoft commented, "Selestia is an important client for Citisoft. Being involved in the set up of a new business from the start has made this an exceptionally interesting project and we look forward to supporting Selestia and developing their business."