LONDON, June 18th 2004: COR STP Solutions, a division of COR Financial solutions, has contracted with Phoenix Administration Services Ltd to deploy the award winning Salerio e2e STP platform within the Phoenix AAMS investment administration platform to form one of the most cost efficient and functionally rich third party administration services available in the market today.
Under the terms of the Agreement, Phoenix will be using Salerio e2e to extend its current outsourcing offering to provide a full STP service to its wide range of existing outsource customers including investment trusts, mutual funds, hedge funds and other investment vehicles. The integration, workflow and central exception management capabilities of Salerio e2e in combination with the highly sophisticated investment administration capabilities of Phoenix means greater optimisation of operational efficiency and further minimisation of operational risk Phoenix join a roster of well known outsourcing organisations that have already benefited from implementing Salerio e2e.
Phoenix with offices in the UK, Dublin and the channel islands provides a highly
cost effective yet functionally rich investment administration service to both onshore and offshore funds. Unlike other outsourcers, Phoenix is able to offer full internal STP, from ASP order management through to board reporting and accounts production. The addition of Salerio e2e means that Phoenix can now offer full transaction process management and external STP through the wide range of services supported.
Salerio e2e is unique in being the only STP application available that is specifically designed for investment managers and outsourcers that can be implemented as a standard application. It offers a truly integrated approach to transaction process management across all instrument types, including notification, confirmation, settlement and reconciliation. Operational efficiencies are maximised through prioritised, exception-based workflows.
Steve King, Managing Director of Phoenix Administration Services said, “We were
looking for an STP solution that would allow us to not only handle the wide range of client and instrument types that we currently handle, but also a solution that would allow us to process the additional customers and increasingly large trade volumes we are handling, without incurring a linear increase in our back office staff costs. Joining forces with a renowned STP leader like COR allows us to further penetrate the market with a more robust outsourcing solution to meet the exacting needs of our growing client base.”
Lee Runciman, Chief Operating Officer of COR STP Solutions said, 'We are very pleased to add another third party administrator to our customer base as it again demonstrates the flexibility and range of the Salerio e2e standard offering, which lends itself easily to both global institutional investment managers as well as outsourcing providers. Both organisations foresee a rapid implementation that will allow Phoenix to achieve an early ROI whilst simultaneously allowing them to continue to grow their business without fear of an increase in back-office costs'.
Chris Brooke, Business development Director of COR Financial Solutions, said:
"Phoenix are well known in the market for having one of the most efficient and functionally rich administration services in the market today with the highest levels of internal STP. The addition of Salerio e2e to this already powerful offering will allow Phoenix to take their service to another level and the scalability to handle the significant growth in their business”.