EFront, a leading European software provider of financial solutions for managing alternative investments, is pleased to announce that NRW.Bank has chosen the eFront FrontInvest solution to provide them with an advanced, highly extensible end-to-end platform dedicated to alternative asset management.
The new customer, NRW.BANK, is the development bank for the state of North Rhine-Westphalia, Germany, and offers a full range of financial development products for business start-up and mid-market development, social housing promotion, infrastructure funding and municipal finance. In that context NRW.BANK offers a variety of equity related products and so far has built a substantial portfolio of captive funds and investment companies.
"Previously, we managed our funds and investments with Excel and different data bases," explained Stefan Buechter, Head of Funds and Business Management at NRW.BANK. "We were seeking a solution to support all our fund and investment structures and we received a great deal of positive feedback from several other eFront customers in Germany."
NRW.BANK has purchased the Fund Management and Portfolio Management (PE direct and Fund of Fund) modules, as well as the Frontware platform. They will give the bank the ability to manage complex investment structures, funds and direct investments in a single system with flexible reporting capabilities.
"NRW.BANK works with very complex investment instruments and different asset classes," said Philippe Verboogen, eFront Chief Operation Officer for Europe and Africa. "eFront was able to provide them with a solution that fits their needs for comprehensive asset class coverage and dynamic dashboard reporting. We're managing the project with a highly skilled local team that will also provide help desk services."