Cofunds swaps Lisa for Fast

Cofunds is moving its back office system to shareholder IFDS's Fast platform and dumping its in-house Lisa system. The development of Lisa, bought in from a third party software vendor and tailored into a bespoke model, formed part of the set-up costs Cofunds blamed for its £32m pre-tax losses in 2001 and will now be written down. Stuart Dyer, chief executive at Cofunds, said the migration of Cofunds' back office onto Fast was a condition of IFDS becoming a shareholder and the transition should be completed by December.' 'We have spent a lot of time, money and effort on Lisa, but it i...