Suncorp Metway signs with Flametree Software for fixed interest risk management

Suncorp Metway today signed contracts with Flametree Software, a Queensland-based startup, for use of Sienna, an integrated fixed interest risk management and performance attribution system.

Suncorp Metway, Australia’s sixth largest bank, has fixed interest and cash funds under management in excess of $5 billion and is consistently ranked in the top quartile of Australian fund managers.

‘To have Suncorp Metway as our first client gets us off to an excellent start’, said Dr Andrew Colin (39), Flametree Software’s Managing Director. ‘That Suncorp chose Sienna in the face of competition from the US is a big vote of confidence in our system.’

Suncorp Metway will be using Sienna for all fixed interest and cash management functions, including risk measurement, deal capture, performance measurement and attribution, pre-trade compliance, portfolio optimization and portfolio stress testing. Flametree has been working closely with Suncorp for the last four months to ensure that the system meets all their requirements.

‘There are no other systems out there that can perform fixed interest attribution to this level of detail on such a wide range of instruments,’ said Brett Ryder, Head of Fixed Interest at Suncorp. ‘Sienna’s capabilities in this area made it very appealing to us. We also like Sienna’s ability to slice and dice and drilldown into portfolios, which gives us quick insight into positioning and return. We expect Sienna will help us to retain our lead over competitors for the next few years’.

Flametree Software is based on Queensland’s Sunshine Coast, an area known more for agriculture and tourism than for high-technology industries. However, Dr Colin believes this is about to change, due to the combination of the area’s superb natural amenities and the Internet. ‘I decided to base the company here rather than Sydney for family reasons, but it’s no disadvantage being up here when most of our day-to-day interaction with customers is by email and phone.’

Andrew Colin has extensive experience in banking and funds management and has held positions with Zurich Funds Management, the Commonwealth Bank, and Citibank in both Sydney and in London. He has a PhD in Mathematics from St Andrews University, Scotland.

Flametree Software began developing Sienna in March 2000. ‘Fund managers like Sienna. This is because we have listened carefully to what dealers and managers want, as well as studying day-to-day workflow in depth. We have combined this insight with some of the most powerful computing techniques currently available. I believe this has produced a system that genuinely outstrips the competition.’

Flametree Software
Contact: Dr Colin
Phone: 07 5448 1374

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