US-based Phoenix Investment Partners has licensed ePAM, Princeton Financial Systems' Internet application hosting service, on behalf of two of its affiliate organisations, Phoenix Investment Counsel, and Duff & Phelps Investment Management.
Through ePAM, the asset managers will be able to remotely access the PAM investment management and accounting systems and complementary products without having to deploy them at their own site, thereby avoiding upfront costs associated with licensing, installing and maintaining a mission-critical application themselves, says the company.
Alan Meder, senior vice president of operations, Duff & Phelps, says the company had considered a number of outside systems providers over the last several years. "Our decision to license ePAM came down to the strength, flexibility and quality of the PAM software and its functionality," says Meder.
Jim Mayhall, Princeton Financial executive vice president says Phoenix is joining a growing number of other asset managers which are moving to an application service provider model for accessing their investment management and accounting systems.