Executive summary

ODIN Forvaltning is a leading Norwegian fund management company. Being held back by legacy IT, they decided to migrate their unit holder registry to the Genus low-code platform.

The new solution consists of a complete order- and settlement engine, tax reporting service, and reporting channels for all unitholders and distributers.

With Genus, ODIN has built a unit holder registry that supports all current needs and is adaptable to future changes in the industry. ODIN also expects considerable annual savings due to the new platform.

Morten Sørli, CIO at Odin Forvaltning
By establishing our unit holder registry in Genus, we have significantly reduced our costs and obtained a sustainable platform that supports all our current needs while being adaptable to future changes in the fund management industry.
Morten Sørli, CIO at Odin Forvaltning

About ODIN

ODIN Forvaltning AS is one of Norway’s leading fund managers, offering mutual funds and bond funds with attractive pricing and profitable growth. Their index-independent and value-based investment philosophy was the basis for their business idea, and it continues to govern how they invest.

For almost thirty years, ODIN has created value for its unitholders through good management and advice. They currently have offices in Oslo, Bergen, Stavanger, Stockholm, Gothenburg, and Helsinki.

The challenges of legacy

Since its founding days, ODIN had outsourced its unit holder registry to a third-party service provider. With rapid changes in their industry, ODIN realized that they had to take steps to migrate from the old platform to keep up with the competition.

We had a lot of technical challenges with the master data management in our unitholder registry,” said CIO, Morten Sørli. “In addition, new laws and regulations pushed us to update our core systems. As our industry and the world is changing, we wanted a robust and agile platform that could grow and evolve with us.

For Sørli, it wasn’t a question of whether to migrate from the old platform – but how and when.

Replatforming with low-code

ODIN wanted increased control of their own data – both to comply with laws and regulations and to support further innovation and new services development. However, a migration from the old third-party solution was perceived as risky.

Our concern was to migrate a complex production system and at the same time provide our customers and partners with our ongoing, high quality and accurate services they expect”, said Sørli.

To help them with the evaluation of possible technologies, ODIN hired help from a global technology advisory services company. Together, they decided that the top evaluation criteria would be:

  • Functionality and domain compatibility
  • Price and future cost savings
  • Integration capabilities toward existing interfaces
  • Ability to adapt and scale the system to meet new business requirements

Following a rigorous analysis, ODIN found that Genus checked all the boxes. The scene was set for a low-code re-platforming of their unit holder registry.

The solution

To mitigate the risks of migration, the implementation project was set up to deliver frequent and independent parts of the solution to production. This approach, supported by the Genus platform, dramatically reduced the complexity of the project.

The new unitholder registry consists of a complete order- and settlement engine (including payment in different currencies), tax reporting service, and reporting channels for all unitholders and distributers. The solution is fully integrated with their online portal and includes functionality for anti-money laundering, business intelligence, commissions calculation, and customer service.

Results and benefits

The migration to Genus has already resulted in considerable annual savings in operational expenses,” said CEO, Rune Selmar. “One of the major savings have been a reduction in transaction costs.

Actual and estimated expenses since the new solution was launched in 2018.

Besides cost savings, ODIN highlights the quality of the solution, the ability to implement new functionality, and the control they now have over their own data.

We definitely see many opportunities now that the new solution is implemented,” said Sørli. “Now that we control our own data, employees can be empowered to access the information from different places and devices. The solution is also easy to integrate with other systems and services such as public registries, banks, and payment networks. The time to implement and deploy new functionality and changes is now close to zero.

The new solution contains approximately 90.000 active unitholders and more than 140.000 customer balances. It receives over 40.000 transactions per month, and at least 90% of all orders are automatically settled by the system itself.