Norway-based Storebrand Asset Management has picked SimCorp’s front office and fund management solutions.
The new solutions integrate with Storebrand Asset Management’s existing use of SimCorp Dimension in the middle and back office. The new front office solutions will enable the asset management firm to automate and standardise investment processes front to back.
Within the front office, Storebrand’s fixed income, currency and equities teams are now live on SimCorp Dimension, running both active and passive investments across the entire range of financial instruments.
SimCorp’s front office solution will replace a large number of diverse, fragmented front office systems, custom built applications, excel models and manual processes that have accumulated over the years. The automated front office solution covers portfolio as well as order management and is integrated with SimCorp’s Investment Book of Record (IBOR) and with key functions across the investment lifecycle.
According to Storebrand the consolidation strategy has saved on operational costs and been key in optimizing the firms’ daily investment activities. This includes risk management and post trade compliance, where Storebrand Asset Management manages over 6000 compliance rules every day.
As a result of the consolidation, Storebrand has decommissioned a number of systems, including external risk and OMS/EMS systems, saving €1m annually.
Further, the replacement of manual solutions and spreadsheets with SimCorp’s automated Compliance Manager has resulted in a 58% reduction in post trade compliance breaks.
Erik Kaland, COO of Storebrand Asset Management said: “In a relatively short period of time, SimCorp has helped to completely transform our front office and fund platforms, successfully replacing our legacy systems with a far superior and automated platform, across front to back. With a more standardised configuration and centralized architecture, we have not only significantly reduced operational risk and cost of ownership, but equally important, positioned ourselves strongly, as we continue to seek new market and growth opportunities.”
Along with implementing SimCorp’s front office solution, Storebrand has also recently gone into successful production with SimCorp Dimension’s fund administration solution.
This solution has introduced share classes with the option of different fee rates, fee setups and currencies enabling Storebrand to better serve its wide client base, and meet current and future market requirements, including more granular regulatory reporting.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
