Thomson Reuters today announced that the Lebanese investment firm Blominvest Saudi Arabia (licensed by the CMA) has gone live with Thomson Reuters Portia, the industry's most powerful enterprise-wide investment accounting system.
The move further strengthens Thomson Reuters continued commitment to the Middle East and illustrates the promotion Thomson Reuters PORTIA throughout the region.
Thomson Reuters PORTIA is a robust platform that supports specific regional needs including: accounting and transaction processing requirements, Shariah compliance, performance measurement, attribution and client reporting. In addition, flexible integration to third party systems is supported with the ability to report in English and Arabic to meet the demands of both clients and local regulators in the Middle East.
Christy Bremner, Global Managing Director of Thomson Reuters PORTIA, said: "We are committed to supporting the expansion of Thomson Reuters PORTIA throughout the Middle East and our deal with Blominvest represents continuous investment in our product to meeting market requirements."
Phillip Dagher, Chief Operating Officer at Blominvest Saudi Arabia, said: "We chose Thomson Reuters PORTIA for its scalability, broad functionality and proven success in live environments. The open architecture and flexible system allows for a more centralized approach to transaction processing and data management, which greatly increases our efficiency."
With a focus on regional product requirements, Thomson Reuters PORTIA has made it a top priority to enhance the middle-to-back office operations of investment managers in the Middle East. Plans are in place to add more specialized accounting capabilities later this year.