Challenger (ASX:CGF) said it brought on board State Street and Accenture to assist with the transformation of its technology platforms, according to a Tuesday filing with the Australian bourse.
The company brought in Accenture to replace the core registry with Accenture Life Insurance and Annuity Platform and client portals, noting that its 20-year-old legacy customer technology was unable to support future growth.
The core registry build and testing is currently underway and it is expected to launch by mid-2025.
The investment management firm also said that it will transition its investment administration and custody services to State Street, which is expected to be completed by fiscal 2027.
Challenger's legacy investment administration system required material uplift to meet business needs.
The firm's shares fell 6% in early trading on Tuesday, earlier hitting their lowest since June 2021.
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