SimCorp, a leading provider of investment management solutions and services for the global financial services industry, has announced that Kempen, a Netherlands based asset manager with EUR 49.5 billion in assets under management, has selected SimCorp Coric to replace an incumbent legacy reporting solution.
The move is designed to increase operational efficiency and agility across its Client Services teams and to improve the experience it delivers to its clients.
Kempen has a wide range of clients with various types of information needs. Following a review of existing processes, Kempen identified a number of inefficiencies, including high levels of manual processing, low operational agility, and a lack of proper report governance. Having examined relevant solutions in the market, Kempen found SimCorp Coric to be the optimal solution to address these inefficiencies.
The deployment of SimCorp Coric will help Kempen increase operational agility in the Front Office through the provision of business user friendly report generation tools that will enable them to respond effectively to individual client requests. Additionally, SimCorp Coric’s high level of automation will mitigate operational risk by reducing manual processes, for instance when it comes to reconciling data and conducting commentary management. Kempen will also use SimCorp Coric’s production control dashboards to provide management oversight of the report production process.
Erik Luttenberg, Chief Operating Officer at Kempen said: “We are pleased to be working with SimCorp Coric on this initiative. Client Reporting is an important focus area for us in the attempt to provide a superior client experience, and with SimCorp Coric’s Client Communications suite, we significantly increase the quality of this touch point with our clients. SimCorp Coric’s technical expertise and track record in replacing legacy reporting solutions were decisive factors in our selection.”
Generally, the impact of regulation, coupled with increasingly sophisticated client demands, are causing more and more asset and wealth managers to review their client reporting. In this process, many realize the need to replace legacy reporting solutions. In the last 18 months alone, 5 firms have selected SimCorp Coric to upgrade their client reporting.
Stuart Keeler, Managing Director at SimCorp Coric said: “We are delighted to welcome Kempen as the latest member of the SimCorp Coric community. Evolving investor demands and other market pressures result in asset managers like Kempen no longer being able to rely on legacy technology for their client communications. As other firms that have made the decision to replace legacy solutions, Kempen will gain a competitive advantage once live with SimCorp Coric.”