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Odyssey Odyssey Asset Management SystemsAsset Management Systems
Illustration of a software company product strategy
2
AgendaAgenda
Corporate presentation
Product strategy
Roll out considerations
3
AgendaAgenda
Corporate presentation
Product strategy
Roll out considerations
4
VisionVision
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.
5
Odyssey - A Market LeaderOdyssey - A Market Leader
Leading software solutions for Investment Management
Of the top 25 European banks (by market capitalisation) 15 are Odyssey customers
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
« Triple’A was selected out of 4 different
packages. The key selection factors were the
high functionality coverage, the user-
friendliness, the performance level of the
application and the ability to provide added value service to our clients. »
ANDREAS STRICKER
Bordier & Cie.
6
Odyssey OfficesOdyssey Offices
Luxembourg – Financial HQ
Lausanne – Operational HQ
London
Geneva
Zurich
Amsterdam
Brussels
Munich
Singapore
North America (by end 2004)
7
Odyssey Client BaseOdyssey Client Base
Odyssey solutions are used at 132 client sites worldwide, including:
* A complete Odyssey client list is available on
demand.
8
HistoryHistory
20031995
2002
2001
2000
1999
1998
1997
1996
Odyssey founded in Luxembourg by 9 private shareholders
Odyssey acquires exclusive distribution rights to the Triple’A portfolio mgmt system, originally developed at the initiative of the BCV in Lausanne
Acquisition of the Belgian company CAFC; development of Mirage reporting; offices established in Geneva and Zurich
Acquisition of the intellectual property rights to Triple’A and transfer of the development team to Lausanne
Odyssey launches development of Advisor – client relationship mgmt solution for Investment Management
Acquisition of the London-based company Market Data Systems, specialised in accessing, filtering, warehousing and distributing market data; offices established in London and Amsterdam
Office opened in Singapore; the 3 companies within Odyssey Group (OAMS, ODAFS, OMDS) are merged as Odyssey Asset Mgmt Systems
Launch of Triple’A Release 4 and development of Nexus – market data management solution
Commercial release of Advisor – client relationship mgmt solution; office in Munich established
9
Odyssey evolutionOdyssey evolution
ExtendedPositionning
Client ReportingPB
PMPB
RMPB
Market DataRepository
2004
TechnologyShift
Client ServerC/C++
Sybase
J2EEComponents
API
J2EEComponents
API
2004
GeographicalExpansion
Europe Asia Middle East North America
2004
10
Odyssey structureOdyssey structure
A DuchâteauCEO
Finance Product Strategy
COO
SalesMarketing/
Business SolutionsServices Production
Project directors
Project managers
Implementation team
Support solutions team
Product development
Business solutions
Marketing
Geo organization : Europe/AsiaPacific/NA
Country reps
Account managers by client
Internal developments
Support/helpdesk
Release management
11
Odyssey: a growing companyOdyssey: a growing company
Client CountStaff Count
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.
Revenue EBIDTA
12
By Activity
Turnover Breakdown 2003Turnover Breakdown 2003
Figures valid as of December 31, 2003.2003 Net Turnover = € 36.1 million
By Region36%
13
Shareholder Breakdown 2003Shareholder Breakdown 2003
Odyssey’s Capital = € 13.6 million Figures valid as of December 31, 2003.
14
Employee Location 2004Employee Location 2004
Figures updated: May 2004Odyssey Staff Count = 248
15
Employee Activities 2004 Employee Activities 2004
Figures updated: May 2004Odyssey Staff Count = 248
16
Client Distribution*Client Distribution*
To date, Odyssey clients are predominantly based in Europe.
We are now aiming to capture greater market share in other regions of the world.
* These graphs represent clients with licensed Odyssey solutions. All figures valid as of February 20, 2004.
Odyssey Client Count = 132
17
Odyssey PartnershipsOdyssey Partnerships
Hardware Platforms
Software Providers &
Business Associates
18
A pressing & moving competitionA pressing & moving competition
Back Office
Mid-FrontOffice
Institutional Private Banking Mass AffluentRetail
1. DSTi2. Sungard3. Mysis4. Simcorp5. Thomson6. Forbatech7. Igefi8. Linedata
1. ERI2. Temenos3. Avalog4. Bosslab5. SEI6. ADP7. IDS8. Callatay
1. Riskmetrics2. Brainpower3. Longview4. Latent Zero5. Charles River6. McGregor7. FMC
1. i-flex2. Temenos3. Callatay4. SAP-Alnova5. Finova6. Fiserv7. Fidelity National8. System Access
1. Finantix2. Siebel-Eontec3. S14. Fidelity5. Getronics6. Unisys7. Fineos8. BanqIT
1. Odyssey2. Business Architects3. Delta4. Swissrisk5. COR6. Finaplex7. Reuters8. X-eyes9. Thomson10.Sage
Segments
Activities
DataRepository
Asset Control, Eagle Pace, Fame, FTI, Netik, Odyssey
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Odyssey Market PositioningOdyssey Market Positioning
ClientRelationship
Manager3rd PartyManager
PortfolioManager
FundManager
FundAdministrator
Back office
Asset ManagementWealth Management
Front & Mid office
Client Data Management
Relationship Management
Client Reporting
Valuation & Analysis
Performance
Constraint & Strategy
Order Input, Generation & Management
Integration & Workflow
Central Security Warehousing
‘Output’ management (report production, distribution and archiving)
Private Banking
Mass Affluent
Inst
itu
tio
nal
Retail Banking
20
Business Solutions Positioning
Portfolio Manager Workstation
- Portfolio Mgmt & Analysis
- Portfolio Modelling & Balancing
- Advanced Analysis
- Advanced Performance Attribution
- Client & Portfolio Monitoring
Relationship Manager Workstation
- Portfolio Mgmt & Analysis
- Client & Portfolio Monitoring
- Collaborative Advice & Contact Management
- Client Data Management
- Investment Profiling
Presentation Framework
Integrated SolutionsIntegrated Solutions
Independent Business Components
- Business Business
ComponentsComponents
- Customer Portal Customer Portal
- Straight-Through-Straight-Through-
Processing Processing
- Workflow & DataflowWorkflow & Dataflow
21
22
AgendaAgenda
23
Business Solutions – User ProfilesBusiness Solutions – User Profiles
Portfolio Management & Analysis
Portfolio Modelling & Balancing
Advanced Analysis
Advanced Performance Attribution
Portfolio Management
Relationship Management
Client & Portfolio Monitoring
Collaborative Advice & Contact Mgmt.
Client Data Management
Investment Profiling
Foundation ComponentsFull functionality available
Subset of functions available
Portfolio Managers
Relationship Managers
3 rd Party Managers
Retail Relationship
Managers
Custom Profiles
24
AgendaAgenda
Corporate presentation
Product strategy
Roll out considerations
25
Some Strategic Market ObjectivesSome 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)
26
Some Recent Requirements Some Recent Requirements On Odyssey Solutions 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
27
The Development Strategy : The Development Strategy : A Component ArchitectureA 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.
28
Today’s Functional ArchitectureToday’s Functional Architecture
Component Client/Server
Odyssey Presentation Framework (OPF)
Odyssey Technical Framework (OTF)
Live!Report
Gateway
TA GUINexus
GUI
TA Financial Server
TA Import / Export
iMD
i F
ilte
rs &
Lo
ad
ers
DB Component
Repositories
HEART
Repository
Odyssey Business Components
TA DB
Odyssey Solutions
29
A More Detailed Functional ArchitectureA More Detailed Functional Architecture
Component Client/Server
Advisor Profile RM Profile
Odyssey Presentation Framework (OPF)
Odyssey Technical Framework (OTF)
Live!Report
Gateway
TA GUINexus
GUI
TA Financial Server
TA
DB Business Procs
Repository
TA Import / Export iMD
i F
ilte
rs &
Lo
ad
ers
Val
o
Per
fo
Op
His
t
Fu
sio
n
Ch
eck
Str
at
Rec
on
cile
Jou
rnal
TA Script
…
TA Script
TA Script
Ma
il M
gr
CD
M
CIM
S
MC
Q/A
lert
DB Component
Repositories
HEART
Repository
IPA
Re
ba
lan
cin
g
Va
lo/C
he
ck
TA
SC
CB
I
MD
F
Msg
Org
a
Sec
u
GC
L
Wrk
Fl
Au
dit
DB
A
cces
s
XD
I
Scr
ipte
d
Pag
eFlo
w
Inte
rnat
.
Pag
eFlo
w
Pre
fere
nce
Pro
fili
ng
UD
P
Qu
ery
Ed
ito
r
Ser
vice
s
PM Profile
Ord
erM
gt
30
Today’s Technical InfrastructureToday’s Technical Infrastructure
Component Client/Server
Actuate
Neuron Data
(Presenter)
Sybase Open Client
Java / Swing
Sybase Open Server
Sybase
C/C++
Ascential
HTML / XML (->PDF / Excel / …)
Web Container
EJB Container
AS
WS
/
We
bL
o
Cocoon
Java / J2EE
JVM
XSP / XSL
Sybase / Oracle / DB2
Torque Castor Jython JDOQL
JDBC JMS RMI
…
JNI –> C/C++
DonLP2 SimCorp
Log4J
31
C/S Architecture : Benefits & IssuesC/S Architecture : Benefits & Issues
Benefits
• GUI & FS Rich Functional Coverage• TA Brand• TA Installed Client Base • TA Maturity• Relative System Architecture Simplicity • Parametrization Tools• Accessibility to Business Consultant Profiles
Issues
• Modules, but no Independant Components
• Data Replication
• TA Sybase-Only• Limited Scalabilty in Very High Volument Environnement (Retail)• User friendliness for non-power users
32
Component Architecture : Benefits & IssuesComponent Architecture : Benefits & Issues
Benefits
• Web User Interface• OS & DB Independence• Component Independence• Facility to Package Multiple Solutions• Integration Facilities
Limited Data Duplication Access to External Components
• Customisation Facilities• AS Scalability• Standard Frameworks
Issues
• Todays PMS WUI & Server limited functional coverage (compared to TA)• Limited Customisation Tools (WUI / Rules)• More Complex Architecture
33
The Future Functional ArchitectureThe Future Functional Architecture
A Fully Component-Based Architecture
Odyssey Presentation Framework (OPF)
Odyssey Technical Framework (OTF)
Live!Report
GatewayDB Component
Repositories
HEART
Repository
Odyssey Business Components
Odyssey Solutions
Triple’A
Repository
Third-Party
Business
Components
A 3 years perspective to be achieved step-by-step !
34
A More Detailed Functional ArchitectureA More Detailed Functional Architecture
Advisor TA/RM
Odyssey Presentation Framework (OPF)
Odyssey Technical Framework (OTF)
Live!Report
DB Component
Repositories
HEART
Repository
CB
I
MD
F
Msg
Org
a
Sec
u
GC
L
Wrk
Fl
Au
dit
XD
I
Scr
ipte
Pag
eflo
w
Inte
rnat
.
Pag
eFlo
w
Pre
fere
nce
Pro
fili
ng
UD
P
Qu
ery
Ed
ito
r
Ser
vice
s
TA/PM Mass Affluent Nexus
WU
I C
ust
o
Other New Profiles …
Dcm
t
Ed
ito
r
WkF
lw
Ed
ito
r
Ru
le
En
gin
e
Ma
il M
gr
CD
M
CIM
S
MC
Q/A
lert
IPA
Re
ba
lan
cin
g
Va
lo/C
he
ck
TA
SC
Ord
erM
gt
Triple’A
Repository Gateway
NM
4
Flo
wM
ind
Ris
kM
etr
ics
Fin
an
cia
l P
lan
nin
g
Lo
da
Po
s
Str
at
Ad
min
JR
NL
Pe
rf /
GIP
S
Oth
er
PM
S
Co
mp
on
en
ts
WU
I A
dm
in
DD
L
Ad
min
A Fully Component-Based Architecture
DB
A
cces
s
35
The Benefits of the Future architectureThe Benefits of the Future architecture
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
Benefits
• 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
Only the Benefits of Both World Should Remain !
36
How to Address the Issues of the How to Address the Issues of the Component Architecture ?Component Architecture ?
Issues
• Todays PMS WUI & Server limited functional coverage (compared to TA)
• Limited Customisation Tools (WUI/ Rules)
• More Complex Architecture
Solutions
• Triple’A FS Componentisation• Extended WUI Functionalities (incl. dhtml, Flash, Swing, …)
• Investment in Parametrization & Customisation Tools
• Investment in Packaging & Administration Console
37
Triple’A Componentization : Triple’A Componentization : What Does It Mean ? What Does It Mean ?
Financial Calculators are available in service mode /
Data Providers deal with data access :
Valuation
Portfolio/Position
Instrument
Price /
Exch Rate
Valued
Portfolio/Position
TASC / FS
XML / JMS
HEART
Custom
Java
AP
I
Java
AP
I
CalculatorInput Data
ProvidersOutput Data
Providers
SQL / DB
TASC / FS
XML / JMS
HEART
Custom
SQL / DB
38
Triple’A Componentization : Triple’A Componentization : What Does It Mean ? What Does It Mean ?
One Triple’A financial function may correspond
to several specialised components :
Valuation
Financial Server
Valuation
LoadPos
+
Pos Pre-Process.
Instr. Analytics
Format
Valuation Fct
TASC/Export
TASC/FS
Components
(2004)
LoadPos
Valuation
TASC/Export
Components
(2005)
LoadPos
Valuation
Instr. Analytics
UDP+Pre-Proc
Components
(2006)
The ‘component version’ of a financial function should be at least as rich, ideally richer !
UDP+Pre-Proc UDP+Pre-Proc
39
Triple’A Componentization : Triple’A Componentization : What Does It Mean ? What Does It Mean ?
Componentization does not necessarily mean Java :
Financial Server
Compute
New Pos
Load
Pos + Op
Save New Pos
Fusion Fct
Compute
New Pos
(C)
LoadPos
SavePos
Components
Other Candidates : Donlp2 (Done) / Instrument Analytics (Simcorp) / Perf Attrib (TBA) / …
40
AgendaAgenda
Corporate presentation
Product strategy
Roll out considerations
41
Release management processRelease management process
Definition Development Delivery Beta support
Documentation
Impact analysis :
Spec review / Beta test case creation
Skills requirements definition & gaps
Training plan
Client Beta site support or
Internal beta
Develop/update implementation methodology (incl. Training plan)
Beta support
Program management
Specs validation
Test cases validation
Documentation validation
Early validation of software delivery
Release content definition
Commercial release
R&D
SO
BSM
Beta/Pilot site selectionSales Active account mgt
PSS
Client Beta management
Resource plan Trainings execution
Training received
from R&D
Release Beta
42
Release management processRelease management process
Methodology update/creation & training plan ( Rollout team)
Option 1 (preferred) – Client Beta site
Client Beta phaseAlpha phase
Pilot ImplementationAlpha phase
Commercial release
Option 2 – No client beta site
Beta release
Methodology update/creation & training plan ( Rollout team)
Beta release
Internal beta phase
Internal beta phase (Rollout team)
Commercial release
1 to 3 MONTHS
Training Beta teams
Training Beta teams
43
Other roll out considerationsOther roll out considerations
Impact on sales
Impact on services (implementations)
Impact on R&D
44
Impact on SalesImpact 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
45
Impact on ServicesImpact 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
46
Impact on R&DImpact 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