Old Mutual has ditched the IT supplier of its British asset management arm after months of delays in advance of a planned flotation of the business. The contract with American-owned IFDS has been terminated and the company has been replaced by FNZ, the market leader in investment platforms. The asset manager had warned of delays and potentially higher costs for its IT revamp. Paul Feeney, chief executive of Old Mutual Wealth, said: “We bent over backwards to help [IFDS] be successful but the costs and time kept being pushed out. Enough is enough.”Old Mutual Wealth is replacing its system for…

Source: The Times May 02, 2017 15:56 UTC