BBM Investimentos (BBM), an asset management firm located in Rio de Janeiro, has chosen SunGard's Asset Arena Investment Accounting solution to help it automate its fund accounting process.
BBM is the first customer for SunGard's Asset Arena in Brazil. Asset Arena provides investment operations processing and accounting support for a wide range of assets, countries and investment activities.
BBM chose Asset Arena for the flexibility of its back-office functionality and its ability to support global and Brazil-specific requirements through a single platform. Asset Arena will help BBM transition to a more automated environment, providing controls to help improve accuracy and risk management while eliminating manual processes and work duplication.
Miguel Flaksman, chief operating officer of BBM, said, "We chose Asset Arena because of SunGard's local presence, the scope of instruments covered, and the company's capabilities in implementation, maintenance and support. Asset Arena can help support the globalization of the Brazilian market by handling both Brazilian and offshore instruments."
Doug Morgan, president of SunGard's institutional asset management business, said, "Brazil is becoming an important global financial centre that is experiencing growth because of companies like BBM. We are pleased that BBM has selected Asset Arena to help it transform its back-office investment accounting operation, and gain efficiencies, improve controls, and be better positioned to capitalize on the growth of Brazil's financial sector."