Princeton Financial Systems (PFS), a leading solution provider to the global investment industry, reports a successful project completion.
The Landesbank Berlin (LBB) and the Landesbank Berlin Investment GmbH (LBB-INVEST) have chosen the fund-specific data management platform DVS Fund Warehouse (DVS) together with PFS' reporting solution DVS Publisher Suite for their fund reporting. They went live with both solutions as planned on 1st October 2009, just four months after the contracts had been signed.
LBB/LBB-INVEST have been introducing a new fund accounting system step by step since 01.10.2009. A data warehouse, in the form of DVS, has been integrated as a central data layer in order to ensure consistency of the future data in the new system with the historical data from the old system. DVS consolidates and unifies all data from the previous and the new fund accounting and makes them available to the upstream systems and the reporting in an appropriate format. In this way DVS simplifies the gradual fund migration from the old to the new system. During the transition phase, the funds, rather than being booked in parallel, need only to be booked in one of the fund accounting systems - DVS eliminates, among other things, the need for work-intensive parallel operations. At the same time DVS ensures a seamless and automated reporting for the entire time across the complete fund portfolio.
Ralf Ehlert, Director and Head of Division of Business Development / Fund Accounting at LBB-INVEST, praises the work of the PFS experts: "The PFS solution makes it possible for us to have automated, consistent and complete reporting with data from two different fund accounting systems, and significantly enhances our reporting and accounting possibilities. In addition, DVS has automatically improved our data quality. DVS and the reporting were implemented under enormous time pressure while we were implementing, in parallel, the new fund accounting system. Through the excellent collaboration between LBB/LBB-INVEST and the PFS experts we were able to meet the critical deadline of 01.10.2009 which was essential for the launch of the new fund accounting system. This is very pleasing and was by no means certain."
Jim Russo, CEO of Princeton Financial Systems LLC, adds: "The DVS-Implementation at LBB/LBB-INVEST was our fastest ever. An efficient project management, good cooperation with all other system contractors as well as the excellent support from the specialist department of LBB-INVEST made this success possible."