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LLB Annual Report 2023 de

Information unaudited Information ungeprüft Three locations – one platform

The launch of XENTIS, the standardised and modern fund platform that forms the centrepiece of the fund powerhouse, is a milestone in the history of the LLB Group. The project is a pioneering step for innovation, efficiency, and client value. XENTIS has been live at LLB Österreich since mid-2023. “The insights and experience gained pave the way for rapid further implementation,” says Natalie Flatz, Head of International Wealth Management.

Natalie Flatz, why does LLB need a joint fund platform?

Natalie Flatz: For historical reasons, the LLB Group originally had three systems at three fund locations. These systems are now being standardised while retaining the advantages of the individual locations. The key is a future-oriented system: the joint fund platform XENTIS – our Avaloq for funds, so to speak.

The introduction of this fund platform is one of the largest projects that has been initiated within the LLB Group in recent years. What makes this project so important?

Natalie Flatz: Our fund business is a main pillar of the LLB Groupʼs business mix. Our growth in this area has been strong, and of course we want to continue this development. Because this is a business with relatively low margins, we must invest in efficiency of processing. This is the only way we will be able to scale and continue to grow profitably.

Natalie Flatz, Head International Wealth Management, recognises the benefits that Xentis brings to both clients and the company.

What makes XENTIS so strong compared to other systems?

Natalie Flatz: XENTIS has a comprehensive range of functions that support the entire fund administration process and, in a further step, fund management. By automating processes in the front, middle, and back office, XENTIS optimises efficiency and accuracy, and it offers functionalities at the client interface that are expected by our clients.

How and where will clients notice changes?

Natalie Flatz: They will have many more options – including an expansion of standard reporting, which means that over one hundred XENTIS reports in various formats are available for transparent client communication. There are also automated interfaces. The most noticeable innovation, however, will be for placing orders. In the medium-term, clients will be able to place orders easily using the tool, and they will be able to have the orders checked ex ante in terms of investment limits. But this is the icing on the cake, so to speak – for now, we are concentrating on the essentials.

“XENTIS has a comprehensive range of functions that support the entire fund administration process and, in a further step, fund management.”

Natalie Flatz, Head International Wealth Management

How does the new fund platform fit into the ACT-26 strategy?

Natalie Flatz: Itʼs a very good fit – the joint fund platform supports two core elements of our strategy: growth and digitalisation at the client interface. The end of the project also marks the completion of the full integration of LLB Österreich into the LLB Groupʼs system landscape. I am convinced that the new platform is a major step towards professionalising our digital services.

What have been the challenges in this major Group-wide project?

Natalie Flatz: Several aspects have been particularly challenging for the project team: On the one hand, as I already mentioned, we want to automate and standardise as much as possible; but on the other hand, we have to remain flexible enough not to lose the individuality of our client care. The complexity of the project has been another challenge. The fund business itself is already multi-layered, and in this case, several fund locations and jurisdictions have to be adequately mapped – fund locations whose USP in the past was the ability to respond to individual client wishes. Compared to projects where only one location has to be integrated, this naturally makes everything even more complex. But already during the pre-project phase, we invested a lot of time to carry out a wide range of analyses and clarifications. This has paid off. Despite its complexity, we have had few nasty surprises so far in the project itself.

Whatʼs the further schedule for introduction of the joint fund platform?

Natalie Flatz: In Austria, XENTIS will be fully introduced by the end of May. Migration in Liechtenstein is being prepared in parallel and is scheduled for completion by the end of 2025.

“I am convinced that the new platform is a major step towards professionalising our digital services.”

Natalie Flatz, Head International Wealth Management