London, 11 October 2005 â Rule Financial, the leading London-based business and IT consultancy for the wholesale banking market, today announced the appointment of 20 new employees as part of a three-year application outsourcing agreement with global inter-dealer broker Collins Stewart Tullett (CST).
The 20 employees, transferred under Transfer of Undertakings (TUPE) regulations, are now permanent members of the Rule Financial team, significantly bolstering the consultancyâs skills base. As part of the deal, Rule Financial will provide ongoing support and development services for CSTâs global applications inherited with their acquisition of brokers Fulton Prebon Group Holdings Ltd (Prebon) in October 2004.
Rule Financialâs support and development services will ensure the smooth migration of Prebon systems, including historical data, trade capture and order trade management systems into the CST environment, without disruption to customer service. Under the terms of the partnership, CST will also have access to Rule Financialâs development resources and technical services for all areas of business.
Marcus Rule, CEO, Rule Financial, comments: "This ground-breaking deal, the first TUPE-deal of its kind for Rule Financial, gives us a highly-regarded new client, a wealth of new skills and complimentary business knowledge. This partnership not only ensures CSTâs system migration runs smoothly and efficiently, but also enables Rule Financial to harness and mould the software assets inherited with the Prebon acquisition, to provide robust and reusable solutions. This deal cements our pre-eminent position in the City IT services market."
Geoff Chapman, Chief Information Officer, CST, comments: "Our partnership with Rule Financial secures the provision of business-critical services for an application portfolio with a limited life-span, while ensuring the staff involved have access to new opportunities. For CST, Rule Financial is an ideal cultural fit. They have the skills, experience and technical capabilities to ensure the application migration process runs smoothly and efficiently, without affecting the customer experience."