The Federal Home Loan Bank of Des Moines has partnered with SimCorp, a provider of investment management solutions and services.
The bank has signed a license agreement to use SimCorp’s investment management system, SimCorp Dimension, across front, middle and back office.
Under this new agreement, it will utilise SimCorp Dimension across the majority of its balance sheet operations, which are worth approximately $150bn. The solution will cover investment securities, consolidated obligation debt securities, advances and derivatives (including hedge accounting).
James Corrigan, executive vice president and managing director of SimCorp North America, said: “FHLB Des Moines is among the most progressive organizations with the vision and commitment to onboard technology and automation in support of broader business mandates for liquidity management, operating efficiency, risk management and regulatory compliance.”
Federal Home Loan Bank of Des Moines is a member-owned cooperative that provides funding solutions and liquidity to over 1,400 financial institutions to support mortgage lending, economic development and affordable housing in their communities. Serving 13 states and three U.S. Pacific territories, FHLB Des Moines is one of eleven regional Banks that make up the Federal Home Loan Bank System. Members include community and commercial banks, credit unions, insurance companies, thrifts and community development financial institutions.
Bill Bemis, treasurer for FHLB Des Moines, added: “A scalable and efficient operating infrastructure is key to the success of our mission. To that end, we found SimCorp’s cross asset platform ideal to unify our four major business activities, securities, derivatives, consolidated obligations (debt issuance), and collateralized advances.”
SimCorp provides investment management solutions to asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers and sovereign wealth funds. Its solutions include a compliance manager which allows users to create, modify, and classify compliance rules. It also displays the results of their key pre-trade and post-trade compliance metrics in an intuitive graphical dashboard. The solution as also actively alerts the user when limits are breached and suggests solutions to compliance issues.
Earlier this month, Norway-based Storebrand Asset Management has picked SimCorp’s front office and fund management solutions.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
