Old Mutual Ends Contract With IFDS, Chooses FNZ

By Rory GallivanFeaturesDow Jones Newswires

Financial services company Old Mutual PLC (OML.LN) on Tuesday said it has terminated its contract for technology services company IFDS to operate its investment administration platform and selected financial technology company FNZ to fulfill its platform and outsourcing services.

Preliminary cost estimates for the operational delivery of the FNZ system are between 120 million pounds ($155 million) and GBP160 million.

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Shares at 0758 GMT, were up a penny, or 0.7%, at 196 pence, valuing the company at GBP9.65 billion.

-Write to Rory Gallivan at rory.gallivan@wsj.com; Twitter: @RoryGallivan

(END) Dow Jones Newswires

May 02, 2017 04:21 ET (08:21 GMT)