Transcript Odyssey Asset Management Systems Illustration of a software company product strategy 23-May-16

Odyssey
Asset Management Systems
Illustration of a software company product strategy
23-May-16
Agenda
 Corporate presentation
 Product strategy
 Roll out considerations
2
Agenda
 Corporate presentation
 Product strategy
 Roll out considerations
3
Vision
Odyssey's vision is to achieve global leadership
in advanced technology solutions for the
Investment Management community and deliver
competitive advantage by helping our customers
offer superior services to their clients.
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Odyssey - A Market Leader
 Leading software solutions for Investment
Management
 Of the top 25 European banks (by market
capitalisation) 15 are Odyssey customers
« Triple’A was selected
out of 4 different
packages. The key
selection factors were the
high functionality
coverage, the userfriendliness, the
performance level of the
application and the ability
to provide added value
service to our clients. »
ANDREAS STRICKER
Bordier & Cie.
 Odyssey applications are implemented in 132
sites in 24 countries
 Products based on new technologies - our core
business
 Strategic projects in international banks
 Merging of 2 segments : IT and banking
 Steady growth since inception in 1995
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Odyssey Offices
Luxembourg – Financial HQ
Lausanne – Operational HQ
London
Brussels
Geneva
Munich
Zurich
Singapore
Amsterdam
North America (by end 2004)
6
Odyssey Client Base
Odyssey solutions are used at 132 client sites worldwide, including:
* A complete Odyssey
client list is available on
demand.
7
History
Odyssey launches
development of
Advisor – client
relationship mgmt
solution for
Investment
Management
Acquisition of the
Belgian company
CAFC; development
of Mirage reporting;
offices established in
Geneva and Zurich
Odyssey
founded in
Luxembourg
by 9 private
shareholders
1996
1995
1998
1997
Odyssey acquires
exclusive
distribution rights
to the Triple’A
portfolio mgmt
system, originally
developed at the
initiative of the
BCV in Lausanne
Office opened in
Singapore; the 3
companies within
Odyssey Group
(OAMS, ODAFS,
OMDS) are
merged as
Odyssey Asset
Mgmt Systems
2000
1999
Acquisition of the
intellectual
property rights to
Triple’A and
transfer of the
development
team to Lausanne
Commercial
release of
Advisor – client
relationship
mgmt solution;
office in Munich
established
2002
2001
Acquisition of the
London-based
company Market
Data Systems,
specialised in
accessing, filtering,
warehousing and
distributing market
data; offices
established in
London and
Amsterdam
2003
Launch of
Triple’A
Release 4 and
development of
Nexus –
market data
management
solution
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Odyssey evolution
Client Reporting
PB
PM
PB
Extended
Positionning
Technology
Shift
Geographical
Expansion
RM
PB
Market Data
Repository
2004
Client Server
C/C++
Sybase
J2EE
Components
API
J2EE
Components
API
2004
Europe
Asia
Middle East North America
2004
9
Odyssey structure
A Duchâteau
CEO
Finance
Product Strategy
COO
Services
Project directors
Project managers
Implementation team
Support solutions team
Marketing/
Business Solutions
Sales
Product development
Business solutions
Marketing
Geo organization :
Europe/AsiaPacific/NA
Country reps
Production
Internal developments
Support/helpdesk
Release management
Account managers by
client
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Odyssey: a growing company
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Revenue
EBIDTA
Revenues
EBIDTA
4
3
20
36,1
2
2,4
1
1996
-1
0
3,9
0
22,3
10
€ Millions
€ Millions
30
1999
2003
-1,6
3,4
-2
1996
1999
2003
EBIDTA = Earnings before interest, depreciation, taxes & amortisation
(depreciation of goodwill). As Odyssey’s financial structure has evolved
through the years, it is not possible to calculate all years in exactly the same
manner. Therefore, 1996 & 1999 figures are estimates.
Client Count
Client Count
Staff CountStaff Count
250
150
200
125
100
150
246
75
132
100
164
50
50
25
37
0
0
1996
1999
2003
36
11
8
1996
1999
2003
Turnover Breakdown 2003
By Activity
Turnover Breakdown by Revenue Type
Licences
32%
Maintenance
27%
36%
By Region
Funded
Development
Turnover Breakdown by Region 2003
4%
5%
2%
Europe Zone €
4%
6%
Switzerland
Services
37%
Licences
Funded Development
UK
Services
Maintenance
Asia
18%
Middle East
65%
Others
2003 Net Turnover = € 36.1 million
Figures valid as of December 31, 2003.
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Shareholder Breakdown 2003
Shareholder Breakdown 2003
Staff &
Management
2%
14%
Private Investors
12%
BCV
72%
Odyssey’s Capital = € 13.6 million
Own Shares
Figures valid as of December 31, 2003.
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Employee Location 2004
Employee Location 2003
Singapore 4
Amsterdam 4
London 9
Munich 3
Brussels 16
Luxembourg 95
Lausanne 95
Zurich 6
Geneva 16
Geneva 16
Zurich 6
Luxembourg 95
Brussels 16
London 9
Singapore 4
Lausanne 95
Amsterdam 4
Munich 3
Odyssey Staff Count = 248
Figures updated: May 2004
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Employee Activities 2004
Employee Activity Breakdown 2003
General &
Administration
19%
Services
Services
34%
Sales &
Marketing
13%
R&D / Maintenance
Help Desk
Sales & Marketing
Help Desk
3%
R&D /
Maintenance
31%
Odyssey Staff Count = 248
General &
Administration
Figures updated: May 2004
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Client Distribution*
Client Distribution - Europe
Client Distribution - Worldwide
United Kingdom
7%
8
6
Austria
1%
Belgium
9%
France
3%
Germany
7%
3
Europe
Middle East
Americas
Ireland
2%
Switzerland
27%
Italy
2%
Asia & Australia
115
To date, Odyssey clients are predominantly
based in Europe.
We are now aiming to capture greater market
share in other regions of the world.
Odyssey Client Count = 132
Liechtenstein
3%
Sweden
1%
Spain
2%
Portugal
3%
Netherlands
5%
Monaco
4%
Luxembourg
24%
* These graphs represent clients with licensed Odyssey solutions.
All figures valid as of February 20, 2004.
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Odyssey Partnerships
Software
Providers &
Business
Associates
Hardware
Platforms
17
A pressing & moving competition
Mid-Front
Office
1.
2.
3.
4.
5.
6.
7.
Data
Repository
Back Office
Activities
Riskmetrics
Brainpower
Longview
Latent Zero
Charles River
McGregor
FMC
1.
2.
3.
4.
5.
6.
7.
8.
Finantix
Siebel-Eontec
S1
Fidelity
Getronics
Unisys
Fineos
BanqIT
Asset Control, Eagle Pace, Fame, FTI, Netik, Odyssey
1.
2.
3.
4.
5.
6.
7.
8.
DSTi
Sungard
Mysis
Simcorp
Thomson
Forbatech
Igefi
Linedata
Institutional
Segments
1. Odyssey
2. Business Architects
3. Delta
4. Swissrisk
5. COR
6. Finaplex
7. Reuters
8. X-eyes
9. Thomson
10. Sage
1.
2.
3.
4.
5.
6.
7.
8.
ERI
Temenos
Avalog
Bosslab
SEI
ADP
IDS
Callatay
Private Banking
1.
2.
3.
4.
5.
6.
7.
8.
i-flex
Temenos
Callatay
SAP-Alnova
Finova
Fiserv
Fidelity National
System Access
Mass Affluent
Retail
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Odyssey Market Positioning
Wealth Management
Client
Relationship
Manager
3rd Party
Manager
Asset Management
Portfolio
Manager
Fund
Fund
Manager Administrator
Client Data Management
Private Banking
Client Reporting
Valuation & Analysis
Performance
Constraint & Strategy
Mass Affluent
Order Input, Generation &
Management
Integration & Workflow
Central Security Warehousing
Institutional
Relationship Management
Front & Mid
office
Retail Banking
‘Output’ management (report production, distribution and archiving)
Back office
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Business Solutions Positioning
Presentation Framework
Portfolio Manager
Workstation
Relationship Manager
Workstation
- Portfolio Mgmt & Analysis
- Portfolio Mgmt & Analysis
- Portfolio Modelling &
Balancing
- Client & Portfolio Monitoring
- Advanced Analysis
- Advanced Performance
Attribution
- Collaborative Advice &
Contact Management
Integrated Solutions
- Business
Components
- Customer Portal
- Client Data Management
- Straight-ThroughProcessing
- Investment Profiling
- Workflow & Dataflow
- Client & Portfolio Monitoring
Independent
Business Components
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21
Agenda
22
Business Solutions – User Profiles
Portfolio
Managers
Relationship
Managers
3 rd Party
Managers
Retail
Relationship
Managers
Custom
Profiles
Portfolio Management
Portfolio Management & Analysis
Portfolio Modelling & Balancing
Advanced Analysis
Advanced Performance Attribution
Relationship Management
Client & Portfolio Monitoring
Collaborative Advice & Contact Mgmt.
Client Data Management
Investment Profiling
Full functionality available
Subset of functions available
Foundation Components
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Agenda
 Corporate presentation
 Product strategy
 Roll out considerations
24
Some Strategic Market Objectives
• Expanding Solutions towards:
 Off-Shore => On-Shore
 PM => RM
 Discretionary => Advisory Business
 HNWI => Mass Affluent/Retail
 In-House => ASP/BSP Solutions
 In-House => B2B/B2C
 Europe => Global (US / Asia)
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Some Recent Requirements
On Odyssey Solutions
•
Functionalities available as services, in-house or in ASP/BSP
mode
•
Implementation of subsets of functionalities
•
Integration with bank/third-party products available as services
•
Full availability through the WUI
•
Support of very large volume processing
•
Time-to-market and quality in providing new advanced
functionalities
•
Full Integration of Odyssey products offering (Triple’A, Advisor)
•
Database Independency
•
Lower Cost of integration and of Ownership
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The Development Strategy :
A Component Architecture
This development strategy consists in developing,
using J2EE technology, business components
covering both new and existing specific
functionalities, including Triple’A .
These components can be provided and seamlessly
implemented as combination, or implemented
independently.
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Today’s Functional Architecture
Component
Client/Server
Odyssey Solutions
Live!Report
TA GUI
Nexus
GUI
TA Financial Server
Odyssey Business Components
TA DB
Odyssey Technical Framework (OTF)
DB Component
Repositories
HEART
Repository
iMDi Filters & Loaders
Odyssey Presentation Framework (OPF)
TA Import / Export
Gateway
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A More Detailed Functional Architecture
Component
Client/Server
RM Profile
PM Profile
Nexus
GUI
TA GUI
Live!Report
Scripted
PageFlow
Query
Editor
Valo/Check
Rebalancing
TA Script
TA Financial Server
TA DB
Business Procs
Repository
HEART
Repository
DB
Access
Services
XDI
Audit
WrkFl
GCL
Orga
Secu
Msg
MDF
CBI
Odyssey Technical Framework (OTF)
DB Component
Repositories
TA Import / Export
…
Journal
Reconcile
Check Strat
Fusion
Op Hist
Perfo
TASC
Valo
TA Script
OrderMgt
UDP
IPA
Profiling
Preference
CIMS
MCQ/Alert
PageFlow
CDM
Mail Mgr
Internat.
Odyssey Presentation Framework (OPF)
iMDi Filters & Loaders
Advisor Profile
TA Script
Gateway
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Today’s Technical Infrastructure
Component
Client/Server
Neuron Data
(Presenter)
HTML / XML (->PDF / Excel / …)
Actuate
Java / Swing
XSP / XSL
Sybase Open Client
AS WS/
WebLo
Cocoon
Torque
C/C++
Web Container
EJB Container
DonLP2
Castor
Jython
JDOQL
Log4J
…
JNI –> C/C++
Java / J2EE
Sybase Open Server
JVM
JDBC
JMS
Sybase / Oracle / DB2
SimCorp
Sybase
RMI
Ascential
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C/S Architecture : Benefits & Issues
Benefits
Issues
• GUI & FS Rich Functional Coverage
• TA Brand
• TA Installed Client Base
• TA Maturity
• Relative System Architecture
Simplicity
• Parametrization Tools
• Accessibility to Business
Consultant Profiles
• Modules, but no Independant
Components
• Data Replication
• TA Sybase-Only
• Limited Scalabilty in Very High
Volument Environnement (Retail)
• User friendliness for non-power
users
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Component Architecture : Benefits & Issues
Benefits
Issues
• Web User Interface
• OS & DB Independence
• Component Independence
• Facility to Package Multiple
Solutions
• Integration Facilities
• Todays PMS WUI & Server limited


functional coverage (compared to
TA)
• Limited Customisation Tools (WUI /
Rules)
• More Complex Architecture
Limited Data Duplication
Access to External Components
• Customisation Facilities
• AS Scalability
• Standard Frameworks
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The Future Functional Architecture
A Fully Component-Based Architecture
Odyssey Solutions
Odyssey Presentation Framework (OPF)
Odyssey Business Components
Live!Report
Third-Party
Business
Components
Odyssey Technical Framework (OTF)
DB Component
Repositories
HEART
Repository
Triple’A
Repository
Gateway
A 3 years perspective to be achieved step-by-step !
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DB Component
Repositories
HEART
Repository
DDL
Admin
Triple’A
Repository
Financial
Planning
NM4
FlowMind
Nexus
RiskMetrics
Other PMS
Components
WUI
Admin
WkFlw
Editor
Dcmt
Editor
Mass Affluent
Perf / GIPS
JRNL
Strat Admin
LodaPos
TASC
WUI
Custo
Query
Editor
TA/PM
Rule
Engine
DB
Access
OrderMgt
Rebalancing
Scripte
Pageflow
Valo/Check
TA/RM
Services
XDI
Audit
WrkFl
UDP
IPA
Profiling
Preference
CIMS
MCQ/Alert
PageFlow
Internat.
CDM
Mail Mgr
Advisor
GCL
Orga
Secu
Msg
MDF
CBI
A More Detailed Functional Architecture
A Fully Component-Based Architecture
Other New Profiles …
Odyssey Presentation Framework (OPF)
Live!Report
Odyssey Technical Framework (OTF)
Gateway
34
The Benefits of the Future architecture
Only the Benefits of Both World Should Remain !
Benefits
Benefits
• F-E & B-E Rich Functional
Coverage
• TA Brand Remains
• TA Installed Client Base is
Preserved
• TA Maturity
• A Unified System Architecture
• Parametrization & Customization
Tools
• Accessibility to Business
Consultant Profiles
• Web User Interface
• OS & DB Independence
• Component Independence
• Facility to Package Multiple
Solutions
• Integration Facilities


Limited Data Duplication
Access to External Components
• Large Customisation Facilities
• AS Scalability
• Standard Frameworks
35
How to Address the Issues of the
Component Architecture ?
Issues
Solutions
• Todays PMS WUI & Server limited
functional coverage (compared to
TA)
• Triple’A FS Componentisation
• Extended WUI Functionalities (incl.
dhtml, Flash, Swing, …)
• Limited Customisation Tools (WUI/
Rules)
• More Complex Architecture
• Investment in Parametrization &
Customisation Tools
• Investment in Packaging &
Administration Console
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Triple’A Componentization :
What Does It Mean ?
Financial Calculators are available in service mode /
Data Providers deal with data access :
Input Data
Providers
TASC / FS
SQL / DB
TASC / FS
Portfolio/
Java API
Instrument
Price
/
Valuation
Valued
Portfolio/Position
Java API
Position
XML / JMS
HEART
Output Data
Providers
Calculator
XML / JMS
HEART
SQL / DB
Exch Rate
Custom
Custom
37
Triple’A Componentization :
What Does It Mean ?
One Triple’A financial function may correspond
to several specialised components :
LoadPos
Instr. Analytics
LoadPos
TASC/FS
TASC/Export
TASC/Export
Valuation Fct
LoadPos
+
Pos Pre-Process.
Instr. Analytics
Valuation
Valuation
Valuation
Valuation
UDP+Pre-Proc
UDP+Pre-Proc
UDP+Pre-Proc
Format
Components
(2006)
Components
(2005)
Components
(2004)
Financial Server
The ‘component version’ of a financial function should be at least as rich, ideally richer
!
38
Triple’A Componentization :
What Does It Mean ?
Componentization does not necessarily mean Java :
Fusion Fct
LoadPos
Compute
New Pos
(C)
Load
Pos + Op
Compute
New Pos
Save New Pos
SavePos
Components
Financial Server
Other Candidates : Donlp2 (Done) / Instrument Analytics (Simcorp) / Perf Attrib (TBA) / …
39
Agenda
 Corporate presentation
 Product strategy
 Roll out considerations
40
Release management process
Definition
Beta support
Documentation
Impact analysis :
S
O
Delivery
Development
R
&
D
Skills requirements
definition & gaps
Training plan
Spec review / Beta test case creation
Training
received
from R&D
Client Beta site
support or
Internal beta
Develop/update implementation methodology
(incl. Training plan)
P
S
S
Resource plan
Trainings execution
B
S
M
Specs
validation
Test cases
validation
Documentation
validation
Early validation of
software delivery
Beta/Pilot site selection
Sales
Beta support
Active account mgt
Commercial
release
Program management
Release content
definition
Client Beta
management
Release Beta
41
Release management process
Option 1 (preferred) – Client Beta site
Client Beta phase
Alpha phase
Training
Beta teams
Internal beta phase (Rollout team)
Methodology update/creation & training plan ( Rollout team)
Beta release
Commercial release
Option 2 – No client beta site
Internal beta phase
Alpha phase
Pilot Implementation
Training
Beta teams
Methodology update/creation & training plan ( Rollout team)
Beta release
1 to 3 MONTHS
Commercial release
42
Other roll out considerations
 Impact on sales
 Impact on services (implementations)
 Impact on R&D
43
Impact on Sales
 Be aware of the product strategy
 Set up a migration plan for existing clients base
 85 sites
 GUI, TASC, components sites
 Be aware of possible migration options for clients
 Avoid multiple migrations
 Who finances migration costs ?
 Minimize migration costs thanks to customization or migration
tools
44
Impact on Services
 Change in skills requirements
 High value consulting
 Java development skills
 Use of web based customization tools (layout designer, workflow,
pageflow, java scripting langage)
 Technical skills (integration, messaging, performance, etc…)
 Get configuration tools is critical
 Standard architecture makes outsourcing of services to third
parties easier
 Trainings, recruiting, subcontracting needs
 Helpdesk must be able to support clients and implementation
teams
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Impact on R&D
 Doubling of development effort (on old financal servers and on
components)
 Multiple configurations to manage
 Review of development tools and methodologies
 Review of testing methodologies
46