Commerzbank International S.A. Luxembourg (CISAL) selects Triple'A as its platform for Portfolio Management and Private Banking

27 October 2003 - Commerzbank International S.A. Luxembourg has recently chosen Triple’A as the IT platform for supporting its long-term private banking strategy in Luxembourg. This is not only a further step in CISAL’s long-term private banking strategy, but clearly underlines the parent company’s commitment to its Luxembourg subsidiary and, indeed, to Luxembourg as a financial centre for private banking activities.

Triple’A offers a solution that is especially designed for discretionary portfolio and client relationship managers. Both types of professionals, within CISAL, will have access to all the functions they need to run their business efficiently and professionally.

As core system, CISAL uses Globus from Temenos. Odys-sey will use this implementation as the opportunity to build a generic interface with Globus. This development is in line with Odyssey’s strategy to build standard interfaces to the market leading packaged back-office systems in current use.
Odyssey is pleased to seize the opportunity to start working with the Commerzbank Group. Commerzbank is Germany’s fourth largest bank, with a particular focus on personal and private banking. The choice of Triple’A is further confirmation of the success that Odyssey is cur-rently enjoying with German institutions. These include HVB Group and HSH Nordbank in Germany, as well as Dresdner Bank in Luxembourg and Deutsche Bank in Belgium.

Odyssey Asset Management Systems is a market leader in software solutions for the investment management community. There are over 3,000 professionals using Odyssey solutions. With a staff of 260, Odyssey managed to turn over 42 million EUR last year.

CISAL, the Luxembourg subsidiary of Commerzbank AG Germany, serves several business lines within the Group. Its main Private Banking activities range from relationship services to portfolio management solutions. It has a staff of about 250 people. CISAL’s turnover as of December 31st, 2002 was 11.4 billion EUR, with total profits nearly doubling to 235.9 million EUR from the previous year. In December 2003, the bank will be moving to its new premises at Kirchberg.

CISAL has spent the last two years widening its product range, diversifying to include third-party, multi-manager products and integrating alternative investments and capital-guaranteed hedge funds. Adding an improved front-office system is another milestone in the bank’s long-term private banking strategy. The new system not only serves the needs of CISAL’s internal and external relationship managers but also produces greater efficiency in its portfolio management. The concomitant improvements in the Straight-Through Processing (STP) rate will enable the Bank to redesign its front-to-back processes and offer faster accounting of transactions. After close scrutiny of different front-office systems, CISAL opted for Triple’A from Odyssey Asset Management Systems as the perfect fit. One of the principal advantages for CISAL is that they are entering into a joint venture with a market leader who is present on the ground in Luxembourg with a large, experienced team.

Through this initiative, CISAL will vastly improve the effective distribution of relevant information to its cli-ents. These reports are specifically designed to take into account the clients’ possible individual investment objectives. Transparent performance calculation, includ-ing detailed performance contribution and attribution, as well as clear portfolio breakdowns make it possible to analyse clients’ overall relationships with the bank in detail. Not only individual constraints but also personal tax issues arising from clients’ heritages are taken into account. A permanently updated journal of future cash flows enables efficient financial planning for clients in a more favourable private banking environment.

Editors’ Notes:Odyssey Asset Management Systems is an industry leader in the provision of Investment Management solutions and services globally. Of the top 25 European banks 15 are Odyssey customers; more than 125 financial institutions in 21 countries have chosen Odyssey solutions. Odyssey Asset Management Systems was founded in Luxembourg in 1995, and has grown steadily since that time. Today we have offices in the key financial centres, including London, Luxembourg, Brussels, Geneva, Zurich, Amsterdam and Singapore. Throughout this network Odyssey employs 260 professionals. Odyssey’s range of integrated business solutions covers tools for discretionary & advisory portfolio management, asset management, portfolio risk diagnosis, market data management and advanced customer reporting.

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