Financial Risk Solutions (FRS), the award-winning provider of fund administration software to global life assurance and asset management companies, today announced Acorn Life has deployed the Invest|ProTM platform to manage its Life Assurance book of business.
Replacing legacy in-house systems, Invest|Pro™ will manage the investment administration of all Acorn Life unit-linked funds, including unit-pricing, cash allocation and rebalancing, and trade order management. By moving to the automated Invest|ProTM software, Acorn Life stands to benefit from reduced operational risk and increased efficiency.
Established in 1989, Acorn Life is an Irish owned life assurance company providing protection, pensions, savings and investment solutions to the Irish public. The company recorded €698 million of assets under management at the end of 2018.
Jennifer Loftus, Head of Actuarial Function at Acorn Life, said: “When the time came to move from in-house investment administration to a specialist provider, Financial Risk Solutions was the obvious choice. The Invest|Pro™ platform is a market leader in unit-pricing and unit-linked fund administration, and their wealth of domain knowledge in this specific market is second to none.
“The upgrade to Invest|Pro™ was expertly led by the FRS project team and completed in just six months, allowing us to stay focused on our customers.”
Frank Carr, Director, at FRS said: “Acorn Life is one of Ireland’s great business success stories. They have been operating for over 30 years, have a team of 250 staff and financial advisors across the country, and are well respected for their dedication to quality customer service.
“We are proud to have been selected as their investment administration partner and look forward to a long and fruitful partnership supporting them in their continued growth.”
The level of functionality in the Invest|Pro™ platform, combined with FRS’ extensive industry knowledge and blue-chip client base, allows the team to provide Optimum Operating Model solutions for different regulatory environments. A model that offers flexibility and provides a comprehensive investment fund administration platform to manage cash flows between the company’s member administration system and its external investment managers, as well as calculate fund NAVs and unit prices.