Cazenove Capital Management has outsourced its IT infrastructure and application support.
The investment and personal wealth management firm has signed a five-year contract with supplier Advance 365 to provide and manage its IT infrastructure, including dual data centres, networks, servers and storage. The move is one of a number of infrastructure steps following the company's demerger from Cazenove Group's investment banking operations in 2005.
Advanced 365 is also providing a range of services, including a service desk, network monitoring, backup, disaster recovery, and the hosting of all business specific applications, including Cazenove Capital's trading and settlement systems.
Stewart Norwood, director and head of IT at Cazenove Capital, said: "Our data centres, networks, servers and storage were being managed in-house by Cazenove Group. As part of de-merging from the Group, there was a requirement to move Cazenove Capital's IT across to a separate, dedicated infrastructure."
Cazenove Capital considered managing and hosting its IT infrastructure in-house but it became clear that both strategically and economically outsourcing was the "best-fit solution", said Norwood.
"An outsourcer can deliver an evolving and flexible service, and due to economies of scale it should also be able to provide high service levels very economically", Norwood said.
Cazenove Capital in-house team will define IT strategy and evolve the firm's portfolio management, trading, settlement, market data and other industry specific applications.