Portfolio management firm Nutmeg has gone live on Babel Systems’ open back-office system to support growth in trading volumes, as well as operational efficiencies through its middle and back office.
The company says that it took the decision to move its back office from a recognised outsourced provider, to running the Babel System in house in order to gain greater flexibility and efficiency. This involved changing their FCA permissions to bring their operations in house.
Through the Babel System, Nutmeg now has the capacity to scale up to a million trades per day enabling onward scalability and growth. Further, Babel’s straight through processing capability will provide for back office efficiencies that will further drive profitability. Using Compeers benchmarks in this area Babel’s other customers are experiencing up to a 50 per cent reduction in operational staffing.
Phil Bungey, COO of Nutmeg, says: "We're delighted to work with Babel – it forms part of the change to our new operating model to accommodate our growth and in order to continue to deliver a fantastic service to our customers. This new way of working will enable us to be more efficient and help to keep our costs, and therefore our customers' fees, down."
Steve Wise, CEO of Babel Systems, says, “We are very pleased to have been selected in a very competitive market to support Nutmeg’s vision of being the best and most innovative company in this space. We have built our system using modern technology and web services to allow organisations to embed our state of the art system into their creative propositions. We believe Babel delivers value, scalability and efficiency to our clients.”