The New York office of France's Natexis Banques Populaire has licensed the PAM investment management and accounting system from State Street subsidiary Princeton Financial.
The NY branch has assets under management of approximately $1 billion. It will use PAM for the bank's proprietary investment portfolio, primarily invested in asset-backed securities (ABS) and mortgage-backed securities (MBS) as well as equity funds.
Natexis is to use the securities investment management system and several complementary products, including the cash data acquisition module for acquiring, formatting and loading cash transactions from custodian banks into PAM's cash application, which automatically reconciles bank cash; the AssetMatch module for automatic reconcilement with custodian banks; and the market data module for acquiring, formatting and loading data from custodian banks and vendors.
The bank is replacing a proprietary system which lacked the capability to effectively amortise and report on the ABS and MBS. Natexis also looked at systems provided by Advent and IDS.