South Africa's Nedcor Bank has licensed Princeton Financial Systems' software solutions, PAM for Securities and PAM for Mutual Funds, to service the Government Employee Pension Fund (GEPF).
The GEPF is South Africa's largest retirement (public) fund with assets of approximately ZAR 230 billion. In December 2001 the State Street/Nedbank alliance was appointed to service GEPF from offices in Johannesburg.
Nedcor will use PAM to provide accounting services for GEPF's investments in fixed income, equities, derivatives, FX and cash.
Rob Wassenaar, the general manager of Nedbank, says: "We were very impressed with the strength of PAM's technology and its breadth of functionality for supporting our business, especially our new relationship with GEPF."