UK: In the face of worsening economic conditions, a fund management start-up claimed today that using open source software is one of the keys to improving business performance.

Covestor believes that, by removing the overhead of software asset management and having the freedom to customise systems  without restriction, businesses can use Open Source software to innovate more rapidly than their competitors.

Sirius Corp. plc, the European Open Source services group, is assisting Covestor in the development and support of its production systems, particularly their use of Open Source database technologies.

Covestor provides an online service to allow people to invest directly alongside successful, independent investors rather than in expensive, managed mutual funds. As such, their goal is to de-institutionalise fund management. Currently, Covestor is the only service for proven self-investors to share real investment decisions, gain recognition and earn fees by helping others.

Perry Blacher, Founder of Covestor said: "As a start-up we need to innovate rapidly. Open Source software allows us to do that, both from a cost and speed point of view. We can integrate, configure and build on top of our Open Source software stack freely to meet our changing needs.

Mark Taylor, CEO of Sirius, said: "With budgets tighter than ever, the interest in Open Source software has never been greater. The absence of licensing fees means that it saves you money from day one. In the longer term, the ability to customise systems based on Open Source technologies empowers your people to innovate more rapidly. "We've been saying Open Source software is a no-brainer for a decade. Now we're seeing companies like Covestor realising that it can hold the key to prospering when others fail."