London, 21 November 2005 - Linedata Services, a leading provider of software and services to the global financial services marketplace, today announced that Smith & Williamson, an independent professional and financial services group, has signed for the leading fund accounting and administration solution, Icon, for a minimum of 5 years as an ASP deployment.
Smith & Williamson, is one of the leading independent financial advisory groups in the UK, providing investment management, financial advisory and accountancy services to private clients, professional practices, mid to large corporates and non-profit organisations. It currently has over £7 billion funds under management and 10 offices around the UK.
With a strong, growing business, particularly after its merger with NCL (Securities) Limited in December 2002, the Investment Administration team at Smith & Williamson recognised the need to replace its existing in-house system for managing its fund accounting processes. A more robust, scalable and highly functional system was required to handle both the current and projected volume of business.
Karen Barrow, Director, Investment Management at Smith & Williamson, commented, "It was clear that we needed to invest in a dedicated system for managing and automating our Fund Administration business. We carried out an extensive evaluation of our requirements and concluded that Icon was the best fit for our business."
Richard Scott, Head of Sales at Linedata Services (UK) Ltd, said, "It is a pleasure to welcome a major financial organisation such as Smith & Williamson to our customer base and to join our growing list of ASP clients. Already recognised as the leading ASP solution provider globally, this re-enforces Linedata Services’ dominance in the provision of ASP solutions to the Investment Management industry."