Scottish Friendly Assurance Society, Scotland’s largest financial mutual, has gone live on the Linedata Icon fund administration solution.
After Scottish Friendly acquired Marine & General Mutual earlier this year it decided to review its fund accounting system. It wanted a solution which could handle its increased volumes of activity and the growing complexity of funds under management. It chose Linedata Icon as a hosted solution because of its flexible functionality and proven scalability to meet Scottish Friendly’s present and future needs.
Other factors were also taken into consideration as Liam Gilmore, Scottish Friendly’s head of finance explains: “We knew that Linedata Icon could meet the functional requirements of Scottish Friendly both now and within a multi-year timeframe. It also has an excellent record as a hosted solution, which eliminates hardware and upgrade issues for us. Linedata has an established presence in Scotland, with a significant client base, a local support office and regular client events so we are confident that we will get support, regular communication and networking that help us derive maximum benefit from our investment in the system.”
The initial system implementation was completed in less than a month, with 15 funds totalling approximately £1 billion assets under management (AUM) now live and plans to add a further 25 funds covering another £1 billion AUM over the coming months.