News

SAGE Group SA launches Prospero’s new SIP module

SAGE Group SA has just launched the latest addition to its flagship Wealth Management solution Prospero – a complete set of features designed to automate the Systematic Investment Plan (SIP) process. The new addition is a module which enables SIP investments to be directly added to a client’s portfolio allowing for flexible selection of plans, execution of trades and automatic processing.
Prospero is a suite of solutions precisely fitted to the needs of specific segments of the financial services industry and covers all aspects of financial operations: Wealth Management, Asset Management, Fund Administration, Family Office, and Portfolio Optimization. The addition of Prospero’s SIP module ensures that clients have better control over their investment decisions while also helping to limit losses. It is also an attractive tool for Dollar or Money Cost Averaging (DCA) to help reduce volatility in the worst of market conditions.
“With today’s uncertain markets and the very thin margins in the financial industry, you need a tool that can automate trades and manage a higher volumes of trades”, states Tarek Hamdan, Chief Marketing Officer of SAGE. “Our new SIP module answers a need of large financial institutions that need to lower their operational risk, while increasing their client base by proposing innovative products.”

Key features of Prospero’s Systematic Investment Plan (SIP) module include:

• Subscribe to flexible SIPs with different execution dates, and modify the SIP anytime during its life
• Use for Dollar Cost Averaging (DCA) plans and Systematic Withdrawal Plans (SWP)
• Select investments from an approved list of securities
• Contribute for SIPs for any amount and for any frequency
• Keep track of failed / successful subscriptions with exception reports
• Collect contribution from one portfolio (e.g. father) and distribute in a different portfolio (e.g. child)
• Check online cash availability
• Set-up retry count for failed subscription for each client SIP level
• Send SIP subscription orders in a workflow of authorization (maker / checker)
• Define your own SIP status and query on them
• Calculate using flexible commission schedules and book trades seamlessly in portfolios
• View your SIP investments with your other investments under one consolidated statement
• Use SIP with a wide array of Wealth Management features such as Order Management, Portfolio rebalancing and analytics

Prospero is currently used by prominent financial institutions in Switzerland, Europe, and Asia Pacific as they rely on Prospero to expand their market share in Wealth Management.

For more information on this news,please contact SAGE at +41 21 653 64 01 (Switzerland).

The Asian Banker – Changing focus in private banking scene drives need for better portfolio management

_{Figure 1. HNWI distribution, 2007-2010 (by region)}

Without a doubt, wealth management and private banking are big businesses. In an international ranking of wealth managers published in the International Private Banking Study of 2011 by the University of Zurich, total market volume of wealth managers by Asset Under Management (AUM) stood at $42.7 trillion in 2010, with the top 20 wealth managers holding 16.6% of that amount. Every year, millions enter into the HNWI category due to the rapid growth of family-owned businesses in emerging economies of Asia, as the new rich replace the old. However, it is important for banks eager to tap into this area to note that the characteristics of Asian HNWIs differ from their counterparts in the West.
Asian HNWIs tend to be younger and more focused on wealth creation as opposed to wealth preservation. Many of them are successful business owners who are more ambitious and willing to take risks. One feature that stands out is the inclination for the Asian rich to keep their own counsel when it comes to managing their money. The growing size of the global ETF market, which has increased from $40 billion at the end of 1999 to $1 trillion at the end of 2009, is an indicator of this trend.

The largest numbers of millionaires are in Asia, and there is an estimated $11 trillion of unmanaged wealth in emerging Asian economies. Banks are beginning to recognize that this represents a great opportunity to be exploited, with Julius Baer being one of those and expanding into the region with a series of office openings – Singapore in 2006, Jakarta in 2008, and Shanghai in 2011.

As financial institutions compete for a piece of market share in this highly lucrative business, there is a need for them to build up robust portfolio management processes, software and teams in order to meet the diverse requirements of their clients. Portfolio management involves decisions on asset allocation through the matching of risk profiles with appropriate investment mix and policies based on individual client’s investment objectives.

Portfolio management software aids customization of risk profiles
Portfolio management software is useful in helping financial institutions in customizing risk profiles for their clients, especially for the Asian rich who are more involved in managing their wealth. Robust portfolio management software needs to have the flexibility of meeting clients’ unique requirements, as each client’s time horizon, risk tolerance, as well as tax conditions differ. As each asset class (equity, fixed income, derivatives, real estate, etc.) have their respective risk characteristics, the software must be able to compute and utilize relevant algorithms customized to meet clients’ needs.

Regulatory requirements drive need for cost-efficient portfolio management solutions
Private banking clients are becoming increasingly demanding, as well as risk and performance conscious. Swiss banks have experienced a drop of gross margins from their wealth management divisions at about 20% from 2004 to 2010, due to pressures on tax compliance and banking transparency. Hence, there is an increasing need for cost-efficient solutions on the part of financial service providers to minimize costs while serving their clients. All these mean that portfolio management software will need to be both cost-efficient and possessing the flexibility to cater to diverse clients as well as cost-efficient. This is where Software as a Service, has an added advantage. Customers are typically charged according to their level of usage of the software in the form of monthly fees.

“An area where we saw success in the past, is when organizations have strong growth plans and ambitious visions, but requires a product that is complex and expensive. We have a unique selling proposition, where we provide complex product but sell it as a service, just like electricity. So as their business grows, they pay more,” explained Jean-Luc Freymond,chairman and chief executive officer, SAGE Group SA. Prospero, the firm’s wealth management solution suite has been successfully implemented at ADCB’s Wealth Management Group and Kuwait-based Global Investment House. SAGE is currently focusing on providing wealth management solutions in the Southeast Asian region, Singapore in particular.

The changing focus of wealth management from Europe to Asia; from the traditional Swiss private banking offshore centers to financial offshore centers in Asia, coupled with the increasingly diverse needs of customers, require better portfolio management by financial providers. Financial institutions will need to do so in order to remain relevant in the eyes of their clients.

 
*This article was written by Levina Lim of The Asian Banker on 15th June 2012.

Wealthy giving Switzerland a miss to head for Dubai

So much for the famous Swiss bank account – Europe’s major moneymen are ditching their traditional alpine safe haven to put their money in Dubai.

That’s according to Swiss banking ‘trend spotter’ Jean-Luc Freymond, who says a combination of tougher Swiss banking laws and the simplicity of operating in the Dubai International Financial Centre (DIFC) is seeing some big-hitters choose to move their money from snow to sand.

“The current offering of Swiss banks is not what people are looking for and there is a growing and maturing private business,” Freymond, CEO of Swiss financial software firm SAGE Group SA, told 7DAYS.

Switzerland, the world’s largest offshore financial centre, which holds more than $2 trillion worth of global wealth, has always been considered perfect for wealthy clients who value discretion.

However, in 2009, under considerable pressure from tax-paying nations, the country agreed to accept concessions on bank secrecy – saying it would only accept ‘declared assets’ into Swiss accounts. And according to Freymond, those wanting to legally avoid the taxman are instead choosing to move their money to Dubai.

“Contrary to what a lot of (Swiss) banks are saying officially, in reality they are finding different places for clients,” the SAGE Group SA boss said.

“One of the most interesting things is that money is now moving from traditional places like Switzerland to the Middle East – and especially Dubai.”

In a trend that is “new, less than a year old”, Freymond says “billions” of dollars that would have previously been headed for Switzerland – which is also famous for its clocks – is now safely stored in accounts in the UAE.

“It’s primarily European clients of countries who are signing (declared-asset) agreements with Switzerland. People who have sold their companies, or who are in industry, or also people who are from the entertainment or sports world,” he said.

Dubai may well soon be welcoming business from established Asian hubs too, according to Freymond.

“People fear Singapore’s going to be next on the (declared-asset) list because it has a very similar profile to Switzerland,” he said. And it’s not just money that’s moving from Switzerland to Dubai, according to the SAGE Group SA boss.

“Within the financial industry bankers – highly trained bankers – are moving from Switzerland to Dubai,” he said.

*This article was written by Duncan Hare of 7Days on 28th May 2012 in Abu Dhabi/Dubai (UAE).

SAGE Group SA leads the way in asset management for UAE banks

Pioneering financial software company, SAGE Group SA, launched version 2.0 of the company’s flagship product, Prospero, during this year’s MEFTEC exhibition in Dubai, unveiling an enhanced system that allows banks to manage their clients’ accounts across several platforms all from one system. Following the success of Prospero, V2.0 is proving to be one of the most specialized tools in the Middle East region particularly as local banks are becoming more attractive to European clients looking to provide an alternative to a weakening banking secrecy policy at home.

With the growing pressure on European banks, especially Swiss banks, to adopt more transparent policies and to ask their clients to declare their assets; these financial institutions are increasingly turning to shifting their clients’ assets to the Middle East region. “UAE banks are becoming the new tax haven for shifting Swiss clients. Europe-based account holders are moving their assets into the region where regulation and tax laws are less regulated and monitored,” states Fernand Rasetti, COO of SAGE Group SA.

The new strength of the financial sector in the UAE can also be explained by the fact that European banks in general and Swiss banks in particular are opening subsidiary banks in Dubai that offer management services. This means that the European client can choose its local custody bank and the European and/or Swiss bank can, in a relatively simple way, keep these clients while avoiding the problem that arises with Swiss banking secrecy.  Technically, such a solution is much simpler than creating a new bank. “As a result of this trend in the regional marketplace, European financial institutions need systems that provide them with a consolidated view of their clients’ assets.  With an information platform such as Prospero, it is also possible for the subsidiaries to be operational very quickly as Prospero provides electronic interfaces with custodian banks that allow the consolidation of portfolios,” Fernand added.

SAGE Group SA’s expertise and commitment to the continuing development of cutting-edge banking and asset management applications has ensured that it remains ahead by spotting trends in the banking sector. Recent examples of a growing trend include ADCB buying RBS’s assets in the UAE and HSBC UAE’s move to acquire Lloyds’ UAE assets. In these scenarios, the acquiring entity should be equipped with a flexible software solution that allows it to create the products and services of the acquired entity that it presently does not offer. Fernand commented, “Prospero is one of the few solutions that do not require coding to adapt the business processes of a newly absorbed entity and thus allow users to easily and quickly adjust to and create new products and services.”

Prospero is a suite of solutions precisely fitted to the needs of specific segments of the financial services industry and covers all aspects of financial operations: Wealth Management, Asset Management, Fund Administration, Trading, Independent Asset Managers/Family Office, and Portfolio Optimization. Even with today’s standardized and regulated financial environment, each bank financial institution remains different. Prospero’s unique flexibility ensures that it covers exact needs – from medium to large firms, from simple to complex financial products and activities.

Prospero is currently used by prominent financial institutions in Switzerland, Europe, and Asia Pacific as they rely on Prospero to expand their market share in Wealth Management.

For more information on this news, please contact SAGE at +971 4 428 13 85 (Dubai).

Magic Announces the Release of its Mobile Offering for the Development of Business Applications

Magic Software Enterprises Ltd. (NASDAQ: MGIC), a global provider of mobile and cloud-enabled application and business integration platforms, announced today the availability of native iOS and Android clients for its mobile enterprise application platform, in addition to its existing clients for BlackBerry and Windows Mobile.

Magic’s productive mobile enterprise application platform enables the development of complex, highly interactive business solutions for all major mobile platforms, including iOS, Android, BlackBerry, and Windows Mobile, from a single development effort on both the client and server sides. Mobile applications can be deployed as native apps, hybrid (native and HTML5), or Web browser applications.

Commenting on the release, Guy Bernstein, Chief Executive Officer of Magic Software Enterprises, said: “The fast-growing enterprise mobility market is a major opportunity for Magic and the enterprise software industry as a whole. Magic’s forward-looking approach and smart technology enable us to offer a comprehensive, rich user-experience solution, now also for the popular iOS and Android mobile platforms. Magic’s platform facilitates rapid and cost-effective back-end integration—typically the most costly and time-consuming aspect of mobile enterprise application development—by providing optimized, certified connectors to leading enterprise systems, such as SAP, Oracle, Salesforce.com, Microsoft, IBM, Google, and many more.”

Numerous enterprises and ISVs around the world are already successfully using Magic’s new mobile offering in a number of pre-launch projects, developing applications that will run natively on Android and iOS devices. One such customer is SAGE in Switzerland, a leading vendor of integrated and innovative financial software, who sought the right technology to mobilize its Prospero suite of financial solutions for portfolio managers, brokers, traders, and other financial professionals.

Jean-Luc Freymond, CEO of SAGE Group SA, said: “Magic’s mobile solution gives us the versatility we need for fast and easy development and multi-platform deployment. Implementing Magic’s technology enables us to significantly enhance our product offering and provide greater value to our customers, who require fast, reliable, and secure mobile access to their financial systems.”

Another customer using Magic’s mobile technology is California-based Dove Tree Canyon Software, Inc., a leading vendor of automated warehouse material handling systems. Bill Woo, President of Dove Tree Canyon Software stated: “Having used Magic’s technology to successfully deploy an application on Windows Mobile devices, Magic’s mobile application platform was the obvious best choice for us in our decision to support iOS and Android tablets. The flexibility of Magic’s uniPaaS application platform enables Dove Tree to deliver fully customized solutions to our end user with maximum speed and minimum resources.”

Magic will co-host a webinar on June 19 with Jean-Luc Freymond, CEO of SAGE Group SA, and Jeffrey Hammond, Principal Analyst at Forrester, to present Real-life Solutions for Enterprise Mobility.

About Magic Software Enterprises
Magic Software Enterprises Ltd. (NASDAQ: MGIC) is a global provider of mobile and cloud-enabled application and business integration platforms.

For more information, visit www.magicsoftware.com

 
About SAGE/Prospero
SAGE Group SA, founded in 1986, is headquartered in Switzerland with branches in Dubai and Singapore. It is a privately held software company that develops financial applications called Prospero. Prospero is a suite of solutions precisely fitted to the needs of specific segments of the financial services industry and covers all aspects of financial operations: Wealth Management, Asset Management, Fund Administration, Trading, Independent Asset Managers/Family Office, and Portfolio Optimization. These applications help global financial organizations focus on their core competencies–and thereby improve their productivity.

For more information, visit www.sage.ch.

 
Press Contacts:

Tania Amar, VP Global Marketing
Magic Software Enterprises
tania@magicsoftware.com

Tarek Hamdan, Chief Marketing Officer
SAGE Group SA
info@sage.ch

UAE banks are becoming the new tax haven

With the growing pressure on European banks, especially Swiss banks, to adopt more transparent policies and to ask their clients to declare their assets; the region, particularly Dubai, is becoming more attractive to clients looking to provide an alternative to a weakening banking secrecy policy at home.

“UAE banks are becoming the new tax haven for shifting Swiss clients. Europe-based account holders are moving their assets into the region where regulation and tax laws are less regulated and monitored,” said Fernand Rasetti, COO of SAGE Group SA, present at this year’s MEFTEC on the 24th and 25th of April. SAGE Group SA is a Swiss company, founded in 1986, that has established itself amongst the pioneers in financial software with offices in Dubai and Singapore.

SAGE Group SA’s expertise and commitment to the continuing development of cutting-edge banking and asset management applications has ensured that it remains ahead by spotting trends in the banking sector. Recent examples of a growing trend include ADCB buying RBS’s assets in the UAE and HSBC UAE’s move to acquire Lloyds’ UAE assets. In these scenarios, the acquiring entity should be equipped with a flexible software solution that allows it to create the products and services of the acquired entity that it presently does not offer. “Prospero is one of the few solutions that do not require coding to adapt the business processes of a newly absorbed entity and thus allow users to easily and quickly adjust to and create new products and services.

The new strength of the financial sector in the UAE can also be explained by the fact that European banks in general and swiss banks in particular are opening subsidiary banks in Dubai that offer management services. This means that the European client can choose its local custody bank and the European and / swiss bank can, in a relatively simple way, keep these clients while avoiding the problem that arises with Swiss banking secrecy.  Technically, such a solution is much simpler than creating a new bank. “As a result of this trend in the regional marketplace, European financial institutions need systems that provide them with a consolidated view of their clients’ assets.  With an information platform such as Prospero, it is also possible for the subsidiaries to be operational very quickly as Prospero provides electronic interfaces with custodian banks that allow the consolidation of portfolios,” Fernand added.

Prospero is a suite of solutions precisely fitted to the needs of specific segments of the financial services industry and covers all aspects of financial operations: Wealth Management, Asset Management, Fund Administration, Trading, Family Office, and Portfolio Optimization. Even with today’s standardized and regulated financial environment; each bank, each financial institution remains different; Prospero’s unique flexibility ensures that it covers exact needs – from medium to large firms, from simple to complex financial products and activities.

Prospero is currently used by prominent financial institutions in Switzerland, Europe, and Asia Pacific as they rely on Prospero to expand their market share in Wealth Management.

Following its success, SAGE Group SA launched v2.0 of its Prospero suite of solutions during MEFTEC that was held at the Dubai International Convention & Exhibition Centre on the 25th and 26th of April.

Prospero v2.0 provides clients with more productivity, more scalability, higher ease of use, and less total cost of ownership.

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SAGE to launch v2.0 of its financial technology solution, Prospero, at MEFTEC 2012

SAGE Successful with SaaS-Based Platform for IAMs

Since 2011, SAGE has been successful with its new financial software for Family Offices and Independent Asset Managers which is available through a SaaS model for licenses.

Prospero, SAGE’s technological suite of solutions for the Financial Services Industry, is now offered via SaaS on pay-per-use basis by the Swiss firm; providing an affordable and quick-to-install solution for both start-ups and specialized financial institutions.

The approach has been successful as SAGE signed mid-2011 its first client, on this technology and licensing model, in just a month after this model was first offered. SAGE then signed 2 more clients before the end of 2011 for the same platform. This platform is available for clients in Europe, Asia and the Middle East. The solution is hosted in a secure server in Switzerland and access is provided to users via VPN and to clients via the Web.

“Today, IT virtualization is gaining traction in the Independent Asset Management sector as more managers recognize the cost efficiencies of operating at lesser volumes in this way,” said Tarek Hamdan, Chief Marketing Officer of SAGE. “The infrastructure investment being made by SAGE around SaaS technology combines the strength of SAGE’s position as a global market player in providing financial solutions, and the latest technological and security innovations.”

Prospero SaaS offering empowers banks and financial institutions to move their operations to a suitable pricing model that is based on their usage and/or number of trades. Firms can avoid allocating funds on hardware and also save the efforts of their internal IT department on maintenance and support. Prospero’s new package allows them to spend only what they require based on their firm’s activity, size of clientele, and AUM.

For more information on this news, please contact SAGE at +41 21 653 64 01 (Switzerland).