May 2 (Reuters) - Old Mutual Plc:
* Terminated its contract with IFDS for “bluedoor” back-end investment administration platform
* Has contracted with FNZ to deliver platform and outsourcing services.
* Expect an enhanced customer and adviser proposition supplied by FNZ to be operational for new business by late 2018/early 2019
* Preliminary cost estimates for operational delivery of FNZ system are of order of 120-160 mln stg
* New platform is expected to provide additional functionality that was not included in previous arrangements.
* Management estimate this would have cost in excess of a further £50 million and taken a further two years post migration to deliver.
* Decisions do not affect Old Mutual Plc’s managed separation. Source text for Eikon: Further company coverage: (Bengaluru Newsroom)