Fund manager Smith Breeden has upgraded from Thomson PORTIA 5.0 portfolio management system to version 8.0. The fund manager, which is based in North Carolina, has more than $29 billion in assets under management.
InvestTech, the consultant advising on the upgrade, says skipping two versions is highly unusual, but allows Smith Breeden to benefit from significant new functional and technical capabilities that extend support within the middle and back office. Report run-time has been reduced by as much as 70%, says InvesTech, and the new version is also more scalable.
Jill Katz, Senior Managing Consultant at InvestTech Systems, attributes the success of the upgrade to our testing methodology, which we believe is the mostrigorous in the industry. You have to keep the pre- and post-release environments absolutely pristine so that your data always aligns. You have to compare apples to apples in a testing environment, and unless someone is policing it, most of the time it just is not done adequately.
InvestTech Systems Consulting was founded in 1993.