Skandia has finally completed the migration of 280,000 active MultiFunds policies to its Skandia Investment Solutions (SIS) platform after a delay of over two years.
Originally, Skandia hoped all Multifunds business would be ready to be transfered following the integration of the Skandia and Selestia platforms, which relaunched on 15 August 2007. The merger followed the purchase of Skandia by Selestia’s parent Old Mutual in early 2006.
This transfer date was deferred with Skandia then hoping to move the accounts across by 25 February 2008. However, the scale and complexity of the migration meant more time was needed.
The MultiFunds platform closed to new business at the end of 2008 but existing plans were still available for top-ups after this date.
In total, around 280,000 policies with a value of around £5bn FUM have now been migrated onto the SIS platform in what has proved a huge undertaking for the group.
John Tomlins, chief operating officer at Skandia, says: "This is by far the largest number of policies that have ever been migrated from one platform to another.
"Our priority was to ensure we had a streamlined and efficient process in place before we migrated policies en masse so we were confident the SIS platform could handle the increased volume. Our focus now turns in full to the ongoing development of the SIS platform in 2010."
Richard Budnyj, migration manager for the project, adds: "Migration has been an incredibly demanding task involving the use of specially built software and significant amounts of data cleansing to ensure that we moved all the required data, units and cash.
"This was a unique project that has never been attempted before and we are delighted to have completed it without any disruption for advisers and their clients."
Moves to overweight equities and fixed income
The Big Interview: Focus on ethical investment
View from the front row
'No control or oversight'
359 new customers in 2018