Herb Phillipps Jr., the chief information officer at Toronto-based CI Mutual Funds, and his highly spirited team, recently completed what he calls "a massive migration" of technology to ensure that the independent fund management company will keep up with aggressive growth and continued downward pressure on the management expense ratio.
"In 1993, we broke $1 billion in assets, and today we manage more than $6 billion," says Phillipps
."Every day we price 45 funds in 65 countries involving different stock exchanges and currencies; therefore, we require a very elaborate network as well as a robust transaction processing engine, with 700,000 customers, that's a lot of daily throughput."
Last June, the team began the process of updating CI Mutual Funds'
"We had to integrate our architecture because by growing so fast, we had put disparate pieces together and maintenance was becoming excessively costly and cumbersome," recalls Phillipps