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Deployment of SimCorp Dimension investment management system widened at Challenger

  • 21 April, 2004 10:07

<p>Sydney, April 21, 2004––SimCorp announced today that Challenger Financial Services Group has widened the deployment of the SimCorp Dimension investment management system to cover front-office trading functions. This follows the successful rollout for middle- and back-office functions for Challenger’s institutional clients.</p>
<p>Challenger originally selected SimCorp Dimension based on better total cost of ownership for back-office and middle-office functions.</p>
<p>The SimCorp platform has given Challenger a single scalable solution to manage growth across its fund management and life businesses.</p>
<p>Using SimCorp Dimension’s single-database approach to deliver straight-through processing for all securities and functions enables Challenger to reduce manual processes, minimise redundant data storage and eliminate error-prone data re-keying.</p>
<p>SimCorp Dimension has provided Challenger with an end-to-end solution that delivers processing savings, trade-flow efficiencies, improved matching and a single set of compliance procedures.</p>
<p>“This translates to a lower total cost of ownership, which in the long run was the compelling reason for our selection of SimCorp Dimension,” says Derek Goh, Challenger’s General Manager of Information Technology and Facility Management.</p>
<p>SimCorp Dimension deployed in just three months</p>
<p>Challenger has now migrated its wholesale institutional mandate business to the SimCorp Dimension platform. The system went live in December after a deployment time of three months.</p>
<p>“Our initial plan was to use SimCorp Dimension for back and middle-office functions across Australia to improve our economies of scale and functionality. However, after implementing our first group of funds in a record time, we decided to expand the scope of the project to the front office as well,” says Mr Goh.</p>
<p>Challenger was SimCorp’s first customer in Australia in October 2003. As part of its ongoing rollout, Challenger will implement a select group of managed funds onto the SimCorp Dimension platform in April.</p>
<p>Subsequent phases of the rollout of SimCorp Dimension include: consolidation of all existing managed investment schemes (encompassing migration from a number of existing back-office systems); implementation of treasury functions; and implementation of full front-office functionality.</p>
<p>SimCorp Dimension tailored to the Australian market</p>
<p>“SimCorp Dimension is a feature-rich and highly configurable platform that reduces future applications development cost considerably,” says Bruce Wood, Managing Director, SimCorp Asia.</p>
<p>“SimCorp Dimension is localised for Australian requirements and gives investment management companies the capability to handle all modern product types on a single platform, including traditional wholesale funds, retail funds and wraps.”</p>
<p>SimCorp</p>
<p>SimCorp is a leading international supplier of highly specialised software and financial knowledge for the global financial services sector and treasury departments within industrial companies. SimCorp has designed and developed its software in close collaboration with international financial services groups for more than 30 years. Its customers include international banks, insurance companies and investment managers. Headquartered and listed in Copenhagen, SimCorp employs more than 550 staff in international and regional financial centres across Asia Pacific, Europe and North America.</p>
<p>For further information
Bruce Wood
Managing Director
SimCorp Asia
Tel: (02) 9241 4222
Mobile: 0418 601 868
Email: Bruce.R.Wood@Simcorp.com</p>
<p>Lachie Hill
Public Relations
Lachie Hill Communications
Tel: (02) 9953 5629
Mobile: 0411 113 445
Emaial: lachieh@bigpond.net.au</p>

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