London, 8 June 2004 - Linedata Services, a leading provider of software and services to the global financial services marketplace, today announced that the Family Assurance Friendly Society (Family Assurance) has selected Linedata Services’ Icon ASP solution for its back-office fund management and administration.
Family Assurance was founded in 1975 and is currently the UK's largest tax-exempt Friendly Society with in excess of £1.5 billion funds under management and over 500,000 members. It is a mutual organisation and provides core family savings and investment products, particularly in the children’s market, which combine low-entry premiums with tax-efficiency and value for money.
Following strategic changes at Family Assurance’s existing supplier, Family Assurance took the opportunity to conduct a comprehensive review of the solutions available in the market. Having assessed a number of systems, Family Assurance selected Linedata Services’ Icon ASP solution.
Mary Sheppard, Head of Finance at Family Assurance, explained, "There were a number of reasons why we decided to select Linedata Services’ Icon ASP. In terms of functionality, we believe that the system provides an excellent fit for our business. It incorporates all the regulatory capabilities that we require, in particular reporting on Unit Trusts, and has proven connectivity to an established and verified price feed. I was also impressed by its ease of use and by the references from other Icon customers."
She continued, "Icon is offered with a variety of deployment options. In our case, Icon ASP, where Linedata Services manages the IT and system administration on our behalf, will allow us to reduce administration costs as well as continuing to improve the efficiency of our current processes."
Paul Roberts, Chief Operating Officer at Linedata Services (UK) Ltd, said, "I am delighted that we have been able to provide Family Assurance with a solution that is such a close fit to their business. Since Linedata Services introduced its ASP service for Icon in 2002, we have seen significant take-up of this service. Our ASP customers are looking to focus on the core business of investment and client management, leaving the delivery of their IT administration to a specialist supplier."
He concluded, "The deal with Family Assurance underlines Icon ASP as a credible alternative to fully outsourcing investment administration and fund accounting."