Old Mutual Wealth replaces consultants on replatforming project

Old Mutual Wealth has contracted big four firm Deloitte to support its replatforming project with FNZ, as its agreement with consultant Accenture has ended.

Old Mutual Wealth announced last month it was cancelling its replatforming programme with technology provider IFDS to work with FNZ instead.

Accenture was working with Old Mutual Wealth on the IFDS project.

An Old Mutual Wealth spokesman says: “Following May’s announcement that the business has contracted FNZ for the UK platform transformation project, Deloitte is currently supporting the programme.”

The spokesman says Accenture supported the closure of the project with IFDS, which has now finished.

In its 2015 full-year results, Old Mutual Wealth said Accenture was brought onto the project to provide “programme management support to review the scope, planning and implementation approach for the programme”.

Fund Strategy sister publication Money Marketing understands that around 20 staff from Accenture were working on the replatforming project.

The results document also said KPMG was employed to give “programme assurance” and it is understood to still be working with Old Mutual Wealth.

At the end of April, the replatforming project had cost Old Mutual Wealth £330m, of which £110m related to “heritage business”.

The business previously estimated the cost of the replatforming project with IFDS could reach £450m.

However, it says cost estimates for the rest of the project with FNZ are between £120m and £160m.