U.K. bank's wealth-management unit for browser-based rebalancing, ordering. London-based Lloyds TSB has chosen Odyssey Financial Technologies' portfolio-rebalancing and order-management components for the investment-management front office of its private-banking arm.

MiFID

"We see Odyssey as a strategic partner in the development roadmap for the new Investment Management front office of our private banking environment," says John Tyley, operations head for Lloyds TSB's U.K.-based wealth-management business. "We will benefit from Odyssey's technology which has been proven as successful in many other clients, and from the existing configurable browser front-end, allowing us to save on time to market, facilitate our portfolio and strategy management and help in fulfilling MiFID requirements."

MiFID stands for "Markets in Financial Instruments Directive," part of the European Commission 's Financial Services Action Plan, will introduce a single regulatory regime for investment services across the 27 member states of the European Union starting in November 2007. (Incidentally, the European Union seems to have taken to referring to itself, semi-officially, as "Europa.")

Odyssey's technology is to form the basis of Lloyd TSB's web-based investment-management platform, facilitating the automated rebalancing of portfolios against what are frequently very complex strategies. It also provides order-generation capabilities and comprehensive monitoring.

Luxembourg-based Odyssesy says it's looking forward "to a fruitful long term partnership with the Bank as they consolidate their position as a major player in the wealth-management market in the U.K."

Lloyds TSB Private Banking manages or administers funds of more than £12bn for over 45,000 clients from a network of 28 offices throughout the UK. -FWR

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