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Helvetic opts for maximum efficiency with Linedata Services’ Icon

London, 4 March 2004 - Linedata Services, a leading provider of software and services to the global financial services marketplace, today announced that Helvetic Fund Administration Ltd (Helvetic) has selected its leading back-office investment management solution, Icon.

Established in Gibraltar in 1998, Helvetic Fund provides niche services exclusively tailored for third party mutual fund administration and accounting services. It currently administers some 45 offshore funds with a total asset value in the region of US$200m. These include directly-held investments in equities, bonds, futures, forward FX, options and time deposits, as well as investments in internal and external funds.

Helvetic took on a number of new clients in 2002 and it soon became clear that its existing system, MFact, could not continue to meet their requirements in terms of functionality. It started to look for an integrated solution that could fulfil all of its needs.

Sean Gilmore, Finance and Operations Manager at Helvetic, explained, "We wanted one integrated system to reduce the risk of error and increase the efficiency of our business. Our previous system simply was not configurable enough to fulfil all our growing requirements and we were also charged on a per fund basis. It was certainly not the most efficient way of running our business in the long term.

"We were impressed with the level of functionality and flexibility that Icon was able to offer. In particular, its ability to process and value all our instrument types, its unit cost sheet calculations and batch input facilities."

Paul Roberts, Chief Operating Officer at Linedata Services, said, "I am very pleased that Helvetic have selected Linedata Services as I believe that we are a particularly good fit to their business. A key objective for them and many other organisations is to be able to manage additional funds without increasing costs. Icon is well placed to help them achieve this."