Russell Investments has signed a five-year contract with software provider Bravura for the implementation of Bravura's Sonata system.
Sonata is a wealth management application for investment and policy administration, and it covers annuities, life insurance, trusts and UK wraps.
The software will be used as the platform to administer the Russell Private Series - a range of investment and superannuation products which allow retail investors and self-managed super funds to emulate institutional investors by investing directly in Russell's award-winning fund complex.
Implementing Bravura's Sonata was Russell's response to an increased demand from advisers for web functionality and real-time access to their clients' accounts, Russell retail investment services managing director Patricia Curtin said.
"Our investment in this new technology will help to relieve the administrative burden on our advisers, allowing them to focus more time and energy on their clients," Curtin said.
"We've listened closely to our partners, and believe these improvements will offer better support in building more efficient and ultimately more profitable businesses," she said.
Russell said Sonata may be expanded for global use and to increase operational efficiency it is looking to implement other Bravura solutions.
"We were looking for a single technology partner to manage all our software and services requirements. After a thorough review of technology solutions across the marketplace, we chose Bravura as its Sonata software perfectly fits our requirements," Curtin said.
Bravura also announced on Friday that its new chief executive Tony Klim will also assume the role of managing director.
The company announced the appointment of Klim as chief executive in May this year.
