Media releases are provided as is by companies and have not been edited or checked for accuracy. Any queries should be directed to the company itself.

Challenger Financial Services Group Chooses SimCorp Dimension for Portfolio and Investment Management Operations

  • 16 October, 2003 09:33

<p>Sydney, October 16, 2003––Challenger Financial Services Group has chosen SimCorp Dimension for its portfolio and investment management operations. A leading diversified investment and financial services company, Challenger manages and administers more than $11 billion on behalf of over 100,000 Australian investors. This sale is SimCorp’s first in the Australian market.</p>
<p>Challenger will use SimCorp Dimension’s full straight-through processing (STP) functionality to provide trade and order management, portfolio management and analytics, risk management, performance management and attribution, cash management, fund administration, security and position administration, compliance and regulatory reporting, and accounting functions. Implementation will be phased over a 12-month period.</p>
<p>According to Derek Goh, Challenger's General Manager, Information Technology, the features that distinguished SimCorp Dimension from competing systems were its functionality, flexibility and the scalability of its technology.</p>
<p>"Challenger's goal was to find a system that was flexible and would scale readily to facilitate its new product initiatives and accommodate its planned growth, as well as providing the best possible tools for asset, portfolio and performance management," he said.</p>
<p>"In the past, our industry relied on best-of-breed technology to deliver the functionality to meet the business needs. As the industry has increasingly becoming more competitive both from the cost and customer services preceptive, we are satisfied that SimCorp Dimension's straight-through design and its use of a single database by all parts of the system will provide the overall processing efficiency and effective total cost of ownership we are seeking."</p>
<p>"SimCorp Dimension is a highly configurable, integrated system that works in real time because it uses a single database," said Bruce Wood, Managing Director, SimCorp Asia. "This facilitates true internal and external straight through processing, and leads to efficient workflows, cost reductions, consistent data quality, and reduced operational risk.</p>
<p>"We are delighted to have the opportunity to work with Challenger and look forward to a long and productive association with them."</p>
<p>About SimCorp
SimCorp is one of Europe’s leading suppliers of highly specialised software for the financial sector and corporate treasuries. SimCorp has approx. 550 employees and is listed on the Copenhagen Stock Exchange.</p>
<p>For more than 30 years, SimCorp has developed its products in close collaboration with a number of international financial institutions and corporates. The SimCorp systems, SimCorp Dimension and IT/2, are sold, implemented and supported from the head office in Copenhagen and subsidiaries in Brussels, Frankfurt, Hong Kong, London, New York, Oslo, Stockholm, Sydney and Zurich.</p>
<p>For further information please contact:
Bruce Wood
Managing Director
SimCorp Asia
Tel: +61 2 9241 4222
<p>Lachie Hill
Public Relations
Lachie Hill Communications
Tel: + 61 2 9953 5629

Most Popular