DnB NOR Asset Management expands contract with EDB
DnB NOR Asset Management has entered into a new agreement for EDB Business Partner to operate the company's core systems for the administration of securities and mutual fund portfolios in Norway and Sweden. The agreement runs for five years from 1 April 2005. Total contract value is around NOK 46 million, of which NOK 23 million is related to new business.
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The new contract relates to operating services for the securities system SimCorp Dimension and the fund investor system ADNFond. The agreement also includes the operation of support systems for reporting and order management, as well as external interfaces with Reuters and the international SWIFT system. The company's core systems serve both its retail market and institutional customers.
The new contract follows the merger between Den norske Bank and Gjensidige NOR, which brought together the new group's asset management activities in DnB NOR Asset Management. The contract replaces the agreements currently in place between DnB NOR and EDB in this area, and represents additional business volume for EDB of NOK 23 million over the life of the contract.
EDB will establish a new systems platform to reduce costs and risks involved in the company's IT operations and improve operational effectiveness.
DnB NOR Asset Management serves the Norwegian and Swedish savings markets with domestic and international asset management services, and has assets under management of around NOK 490 billion.