Royal Bank of Canada (RBC) Capital Markets has licensed technology from Principia Partners to manage its municipal Guaranteed Investment Contracts (GIC) business in New York.
The Principia System will provide end-to-end management of GICs, including the contract bid process, portfolio management, risk management, reporting and accounting.
Dominick Carollo, director, municipal financial products and investment agreements, RBC Capital Markets, says: "Because the muni-GIC business is so operationally-intensive, we require a system that will seamlessly handle all the back office processes and provide extensive audit capabilities."
The Principia product also includes reporting and accounting functions as well as a suite of risk management tools.
Commenting on the product, Carollo adds: "Its risk management and analytical tools should provide us with a competitive advantage in rapidly creating new contracts and then managing the product after the contract has been granted."