SimCorp, a leading provider of investment management solutions and services to the global financial services industry, today announced that VidaCaixa, part of the CaixaBank Group and the leading insurance company in Spain with more than 4.5 million customers, has selected SimCorp Dimension as its new front and middle office platform.
The agreement, signed in December 2016, covers IBOR (investment book of record), data management, pre and post-trade compliance, portfolio management, order management, performance measurement, and risk management.
Currently managing assets of EUR 67bn, VidaCaixa has continued to grow its premiums and contributions amidst a tough and continually challenging market environment. To sustain its competitive position and support further growth, VidaCaixa has chosen to invest in an integrated investment management system for front and middle-office operations to be used across its pension funds and the company's own investment departments. Following a rigorous selection process, SimCorp Dimension stood out as the solution best suited to support VidaCaixa's current and future business needs and strategy.
Ernesto Moreno, Chief Investment Officer at VidaCaixa, commented: "The implementation of SimCorp Dimension will enable us to scale for growth by implementing a high level of integration and automation across a wide range of business functions. Equally important, the solution will enable us to comply with current and future regulations in a cost-effective manner, plus provide our front office business teams with the real-time data they need to make faster and more informed investment decisions. We look forward to working with SimCorp on this strategic project."
Emmanuel Colson, Managing Director of SimCorp Southern Europe, comments: "We are very pleased to welcome VidaCaixa to our fast-growing global client community. VidaCaixa's decision is a strong testament to our systems ability to support investment manager's growth ambitions by removing operational complexity and the associated risk and costs. As one of the leading Spanish financial institutions, VidaCaixa's choice of SimCorp Dimension presents a unique opportunity for SimCorp to now establish our position further in the Spanish Market. We look very much forward to partnering with VidaCaixa."