SCHRODERS ENHANCES FEE BILLING AND REVENUE ADMINISTRATION WITH SUPPORT FROM CITISOFT

07 May 2003 - London - Citisoft, the specialist investment management consultancy, has today announced its assistance in the successful implementation of a fee billing and revenue administration system at Schroder Investment Management Ltd.

Schroders has restructured billing administration to increase process efficiency and coherence. A centralised team has been set up to co-ordinate invoicing and revenue calculation for Schroders' four London-based institutional business units (representing portfolios domiciled in UK, Europe, and North America along with Fixed Income mandates).

Schroders selected Advantage Fee System from Interactive Technologies in August 2002, and Citisoft has project managed the implementation. Advantage will calculate fees for 100% of Schroders' portfolios in London and New York and will fully automate the calculation of monthly accruals. The elimination of manual inputting will significantly reduce the risk of human error.

Advantage will interface with the Eagle PACE investment database and portfolio management system for the delivery of valuations data and reporting of management fees.

Marc Nield, Executive Director, Institutional IT at Schroders comments: "We engaged Citisoft as we had been pleased with their work on previous implementations. The project has gone very much to plan, with no show-stopping problems. Interactive Technologies responded quickly to fixing bugs and the system has gone live in this quarter as intended.

"The project has given Schroders the opportunity to rationalise our fee production and accrual process. We have standardised the format of invoices and greatly increased the level of detail on fee calculation - improving transparency for the client. Advantage is also giving us much more accurate and effective management information on Schroders' revenue streams. We are now looking very closely at the possibility of using Advantage Fee System in all of Schroders' overseas offices."

Julian Manfredi, Project Manager, Citisoft adds: "The changes to fee billing were well received throughout the business. During the course of the project, we were able to extend the scope to include the New York operation. The implementation of Advantage was very much a team effort with first-class resources provided by both Schroders and Interactive Technologies, and we delivered on time and to budget."

James Emson, Managing Director, Interactive Technologies comments: "By using Advantage Fee System, Schroders will receive the information that enables management to make business decisions. The new system will give transparency on where revenues are coming from and how they are broken down by business unit. Schroders' clients will receive clear and customised invoices, whilst Schroders will be able to invoice all portfolios in a matter of hours. The increased speed of invoicing will have a major cash flow benefit for the company."

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