Xafinity, one of the UK's leading specialists in pensions and employee benefits, and New York Life Retirement Plan Services, a leading plan provider in the US, have become the latest to adopt RiskFirst's risk management software, PFaroe.
PFaroe now has over £150 billion of pension liabilities modelled on it, and is used by pension plans, consultancies, and asset managers across the UK and US.
Xafinity will use PFaroe throughout its advisory and investment business.
Jeff Hunt, Managing Director at Xafinity, comments: "Xafinity are very pleased to have partnered with RiskFirst. The ability to offer our clients up-to-date and on-demand analytics means they will be better placed to understand and make effective decisions around the management and mitigation of their pensions risks. We believe market-leading technology will help us to develop stronger engagement with our clients and deliver smarter solutions."
Benjamin Reid, President of RiskFirst, adds: "We are delighted to be working with Xafinity. Their enthusiasm for PFaroe supports our view that leading employee benefit consultancies are embracing the need for cutting-edge technologies and are differentiating themselves from those that believe the traditional approach still is sufficient."
New York Life Retirement Plan Services has integrated PFaroe into its defined benefit plan product offering. PFaroe continues to gain traction in the US, where RiskFirst has formed an alliance with Winklevoss Technologies, a provider of defined benefit liability analytics.
"Pension plans can represent an enormous liability to our plan sponsors - and it is imperative that sponsors understand the exact nature of that liability," says Jeff Kobs, Director of Defined Benefit Product at New York Life Retirement Plan Services. "Smart implementation of good technology is vital in the defined benefit arena. Making PFaroe's reporting available to our clients empowers them to be more knowledgeable, nimble, and proactive."