Principal Funds, an affiliate of the Principal Financial Group, has extended its use of SunGard's Asset Arena Investment Accounting, which will help with its growth plans by providing comprehensive support for a wide range of assets and fund structures.
Principal Funds has been a customer of SunGard since 1991, and chose to extend its relationship with SunGard because of Asset Arena's ability to manage an organization's unique workflow requirements and help automate critical accounting functions, such as portfolio valuation and daily accruals of income, expenses, fees and cash movements. Asset Arena helps asset managers and servicers identify and resolve operational risks, improve process efficiency and provide transparent reporting.
"Some of our biggest gains in efficiency and accuracy have come through the use of SunGard's Asset Arena Exception Manager module, which helps our accounting team write business rules to automatically identify and resolve potential issues and errors," said Layne Rasmussen, vice president and controller of Principal Funds. "Over the years we have relied on Asset Arena's functionality and scalability, as well as SunGard's proven delivery and support, and that drove our decision to expand the relationship."
"We appreciate the rigorous evaluation processes that even existing customers have to go through during product selection, and it is a testament to the strength of Asset Arena's proven reliability, and SunGard's deep domain expertise and focus on customer service that Principal Funds has chosen to expand its relationship with us," said Doug Morgan, president of SunGard's institutional asset management business unit. "Principal Funds has experienced much growth over the last 20 years and has relied on SunGard to help support this expansion. The Asset Arena Investment Accounting platform has helped Principal Funds contain headcount, increase efficiency and control, and keep pace with regulatory demands."