May 2, 2017 / 8:10 AM / 9 months ago

BRIEF-Old Mutual says terminated contract with IFDS

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)

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