SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that Swisscanto, the fourth largest provider of investment funds in Switzerland with assets under management exceeding EUR 40 billion, selected SimCorp Dimension for in-house administration of its funds.
Since 2004, Swisscanto has successfully operated SimCorp Dimension as an integrated system that handles the entire investment management process for a wide range of financial instruments. To date, an external service provider has carried out the asset manager's fund administration.
As current market developments - including increasingly complex products, heightened regulatory requirements, mounting demands on data management, and increasingly individualized customer needs - continued to progress, the limited flexibility of outsourcing fund administration became increasingly apparent. Based on experiences in this environment, Swisscanto reevaluated its business practices and chose to expand the use of SimCorp Dimension to include fund administration.
"Through the use of SimCorp Dimension we recovered the necessary flexibility in the administration of our own funds as well as on client mandates," explains Hans Frey, Head of Corporate Services and member of the Swisscanto Group management. "In addition, we were able to realize efficiency gains by only using a single piece of software for the entire value chain."
"In the neighboring German-speaking countries, SimCorp Dimension is already the market leading system in the fund administration area," explains Claudia Rosenhövel, member of SimCorp Central Europe's management. "We are happy to see that financial institutions in Switzerland value the benefits of using our solution within fund administration and accounting."