StatPro Group plc, a leading provider of portfolio analytics, market data and asset pricing solutions for the global asset management industry, today announces that Bank of Montreal has signed a landmark deal with the company to use several of its portfolio management solutions.
"Bank of Montreal has subscribed to a combination of our analytics services on our new SaaS platform together with our Index Services and they join our growing band of SaaS customers in Northern America," said Mark Bramley, CEO, North America at StatPro. "We expect many more to follow."
The solutions will be delivered as a suite of hosted services. They include StatPro Performance and Attribution (which allows the user to drill down into performance and attribution effects from portfolio through to security level), StatPro Index Services (providing key financial indices to investment managers through a standardised platform) and StatPro's interactive reporting tool on the SaaS platform.
"We are constantly investing to improve and enhance our data and analytics offerings. The fact that these are now available via our SaaS platform makes it very attractive to a wider audience of global customers, especially in the current market as it reduces the total cost of implementation and ownership," concluded Bramley.
The four-year deal extends the original 2002 non-hosted contract. The new system has already gone live with Bank of Montreal.
Chris McHaney, Manager of Investments at Bank of Montreal Asset Management said: "The deal involved continuing the service we receive from StatPro, while at the same time adding the ability to automate more of our processes internally, and in turn getting the most out of the system."