Bravura Solutions, the wealth management and transfer agency software provider, has signed an initial five year contract with existing client Russell Investments to use Sonata to administer the firm’s retail products.

The investment firm said that implementing Bravura’s Sonata was the firm’s response to an increased demand from advisors for web functionality and real-time access to their clients’ accounts, according to Patricia Curtin, managing director of Retail Investment Services.

“Our investment in this new technology will help to relieve the administrative burden on our advisors, allowing them to focus more time and energy on their clients. We’ve listened closely to our partners, and believe these improvements will offer better support in building more efficient and ultimately more profitable businesses,” said Curtin.

Sonata is Bravura’s new wealth management application suite for investment and policy administration and aims to provide a single solution with coverage for life insurance, trust, pension/annuity, group superannuation/pension and UK wrap. It also includes web access, workflow and business intelligence.

Furthermore Russell is said to have confirmed that Sonata may be expanded for global use and further Bravura solutions may be used with the aim of increasing efficiency.

“We were looking for a single technology partner to manage all our software and services requirements,” said Curtin.

Russell is the second client to select Sonata this year and implementation will commence in August 2011.