Trustees Executors Limited (TEL), a New Zealand third-party administrator for financial services, has become the second client to go live with Bravura Solutions’ Sonata wealth management platform, and the first to use it for the KiwiSaver work-based savings initiative.
TEL provides trustee, custodial, investment accounting, unit pricing and registry services, and will implement Sonata as a managed application service. Bravura’s solution is designed to allow clients to focus on managing and building business, while Sonata manages IT arrangements.
The package includes hardware and specialist technicians, which should provide a smooth and continuous IT performance. It includes processing, web access, and flexible reporting services.
A Bravura client for more than 16 years, TEL is now migrating from the Talisman wealth management platform to the more modern Sonata offering, following a contract signed last year.
Sonata’s integrated platform supports superannuation, pensions, life insurance and trust and wrap products, as well as the KiwiSaver portfolio investment entity (PIE).
TEL executive director Rob Russell said: “TEL selected Sonata after an extensive evaluation process. Key factors in our decision included Sonata’s fully integrated workflow, Bravura’s clear migration plan, proven knowledge of New Zealand PIE tax requirements and the broad range of services Sonata will enable us to offer clients.”
“We are excited to have a new platform in production that will allow us to be more responsive to client needs.”
Jason Tong, COO of Bravura in the Asia Pacific region, said: “We are delighted with the successful go-live of Sonata at TEL, which was implemented in just over a year. The unparalleled depth and experience of TEL’s third-party registry management team, combined with Bravura’s technical and functional expertise, have ensured an exceptionally smooth delivery on this project.”
“With the introduction of Sonata, TEL will be able to offer clients a broad range of enhanced services such as real-time data updates and the ability for fund managers to track and participate in workflows. Going forward, the range of services will continue to expand as TEL takes up new Sonata features driven by global client adoption.”
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