Eagle Investment Systems LLC, a BNY Mellon company and leading provider of financial services technology, today announced they have been selected by Principal Global Investors (PGI), the asset management arm of the Principal Financial Group, to provide a portfolio accounting solution hosted on Eagle ACCESS(SM), and to achieve an investment book of record (IBOR).
PGI made the decision to introduce a single, shared, consolidated technology platform across its enterprise to achieve greater operational agility and efficiency, with the key requirement to give its boutique asset managers across the globe the flexibility to operate independently and on a 24x7 basis. Their selection criteria focused around their desire to leverage a data centric model, exception-based workflow monitoring as well as a mature hosted offering.
As part of the implementation, PGI is replacing its legacy accounting-centric platform and batch updates with Eagle Accounting, which can deliver IBORs for multiple regions. By offering a centralized platform across multiple boutiques, PGI is able to adapt and implement change more quickly across the organization, share services across its operations teams, incorporate new tools and processes as well as to readily provide support for new instruments and products.
“Asset management is a data intensive business. The Eagle IBOR solution fits well into our future state architecture and will support the complex multi-asset portfolios we manage on behalf of our global clients,” said Brian Ness, chief information officer at Principal Global Investors. “Eagle’s collaboration with its parent company BNY Mellon was also a significant factor in our selection in part due to our longstanding relationship with BNY Mellon, but also because it gives us the confidence that we have a long-term technology vendor we can grow with over time.”
“Principal Global Investors selected Eagle ACCESS(SM) as its technology platform after an extensive competitive process,” said Mal Cullen, chief executive officer at Eagle. “Our flexible accounting solution enables PGI to support its multi-boutique, multi-regional model while delivering the agility and efficiency of a single centralized platform. It’s an endorsement of both the expertise and commitment of our team and the quality of our solutions. We have a long history of supporting asset managers with complex operating structures and look forward to working closely with PGI.”