Latin Finance - July/August 2009 - 40

guide corporate statement n 2006, Schroders Private Banking undertook a project to centralize its IT and support infrastructure into one central hub using Temenos’ T24 core banking system. Established in London in 1804, Schroders is one of the world’s oldest and most venerable financial institutions. Run for over 150 years as a private family business, and for even longer with active involvement from the founding family, Schroders has enjoyed stable ownership that, in turn, has translated into consistent returns and sustained growth. As at the end of December 2008 Schroders operated from 34 offices in 26 countries, employing more than 2,800 people and managing more than GBP110bn in assets. Schroders Private Banking as part of the Schroder group operates chiefly out of three locations – London, Zurich and the Channel Islands – although it has offices in other European cities and a growing presence in Singapore. According to public filings, Schroders Private Banking has experienced strong growth in margins and profitability in recent years. Between 2006 and 2007, the bank’s cost/income ratio improved by 15% and its operating margin increased by 38% (from 27.3% to 37.7%), helping it to achieve a 54% rise in operating profit over the same period. As at 31 December 2008, Schroders Private Banking managed GBP11.7bn of clients’ funds and employed more than 300 people. The decision to centralize the group’s IT infrastructure was taken as a result of a study carried out to determine how to increase the operational efficiency and to maximize synergies within the group. It was decided that the IT infrastructure and operations of the three banks would be merged into a shared service centre (SSC) in Zurich, with T24 acting as the core I processing application (and supported by only a few ancillary applications). The motivation for undertaking this complex project was multifold: to reduce operational costs, enhance customer service, increase product innovation and improve risk management and compliance. The project was delivered on time and on budget, but the project outcomes have exceeded expectations. The complexity of the system has been reduced substantially (the number of disparate systems has been cut from 32 to 12) and the level of process automation has been increased significantly, with straight through processing achieved in a number of areas like FX and funds transfer. As a result of the move to the SSC, the infrastructure costs per transaction have been cut substantially, which, in turn, has had a highly positive impact on the bank’s financial metrics. Furthermore, the move to the SSC has enabled the bank to redirect more staff and resources to the customer-facing parts of the business. This redeployment of resources, coupled with the more flexible system architecture, has afforded an improvement in customer service, as reflected in lower costs, greater product choice and better customer reporting. Moreover, this improvement in customer service has begun to be translated into better productivity, with Schroders experiencing a marked increase in assets under management per employee. Lastly, the move to the SSC has greatly enhanced the quality and timeliness of management information, allowing management to take better-informed decisions about the business and improve the effectiveness of risk and compliance procedures. “the move to t24 as one core platform with only a few ancillary systems has brought large advantages regarding the daily delivery of It-services. the reduced complexity has generally increased the availability of our systems, has strongly decreased the reconciliations issues and has allowed our resources to focus on fewer technologies. these advantages gain importance with the servicing of additional locations in various time zones.” CIO perspective Rolf Fischer, CIO, Schroder & Co Bank AG TEMENOS 300 Primera Blvd. Suite 132, Lake Mary, FL 32746 Phone: (407) 732-5200 Email: htorres@temenos.com Website: www.temenos.com 40 LatinFinance July/August 2009
http://www.temenos.com http://www.temenos.com

Latin Finance - July/August 2009

Table of Contents for the Digital Edition of Latin Finance - July/August 2009

Latin Finance - July/August 2009
Contents
Fund Performance
Compensation Survey
Sellside Startups
Eike Batista Interview
Private Equity
Private Banking
BNDES Lending Analysis
Equador Mining
Corporate Governance
Parting Shot
Latin Finance - July/August 2009 - Latin Finance - July/August 2009
Latin Finance - July/August 2009 - Cover2
Latin Finance - July/August 2009 - Contents
Latin Finance - July/August 2009 - 2
Latin Finance - July/August 2009 - 3
Latin Finance - July/August 2009 - 4
Latin Finance - July/August 2009 - 5
Latin Finance - July/August 2009 - 6
Latin Finance - July/August 2009 - 7
Latin Finance - July/August 2009 - 8
Latin Finance - July/August 2009 - 9
Latin Finance - July/August 2009 - Fund Performance
Latin Finance - July/August 2009 - 11
Latin Finance - July/August 2009 - 12
Latin Finance - July/August 2009 - 13
Latin Finance - July/August 2009 - 14
Latin Finance - July/August 2009 - 15
Latin Finance - July/August 2009 - Compensation Survey
Latin Finance - July/August 2009 - 17
Latin Finance - July/August 2009 - 18
Latin Finance - July/August 2009 - Sellside Startups
Latin Finance - July/August 2009 - 20
Latin Finance - July/August 2009 - Eike Batista Interview
Latin Finance - July/August 2009 - Private Equity
Latin Finance - July/August 2009 - 23
Latin Finance - July/August 2009 - Private Banking
Latin Finance - July/August 2009 - 25
Latin Finance - July/August 2009 - BNDES Lending Analysis
Latin Finance - July/August 2009 - 27
Latin Finance - July/August 2009 - 28
Latin Finance - July/August 2009 - 29
Latin Finance - July/August 2009 - Equador Mining
Latin Finance - July/August 2009 - 31
Latin Finance - July/August 2009 - 32
Latin Finance - July/August 2009 - 33
Latin Finance - July/August 2009 - Corporate Governance
Latin Finance - July/August 2009 - 35
Latin Finance - July/August 2009 - 36
Latin Finance - July/August 2009 - 37
Latin Finance - July/August 2009 - 38
Latin Finance - July/August 2009 - 39
Latin Finance - July/August 2009 - 40
Latin Finance - July/August 2009 - 41
Latin Finance - July/August 2009 - 42
Latin Finance - July/August 2009 - 43
Latin Finance - July/August 2009 - 44
Latin Finance - July/August 2009 - 45
Latin Finance - July/August 2009 - 46
Latin Finance - July/August 2009 - 47
Latin Finance - July/August 2009 - Parting Shot
Latin Finance - July/August 2009 - Cover3
Latin Finance - July/August 2009 - Cover4
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