SimCorp has bolstered its presence in the South African market, with the appointment of the new managing director, Brian Anderson.
Based in Johannesburg, Anderson will report into Hans Otto Engkilde, senior vice president and managing director, UK, Northern Europe and Middle East.
Anderson will lead on the ground operations in South Africa to help SimCorp further benefit from the scale delivered by its units across Europe and the Middle East, as it engages with a number of identified opportunities in South Africa’s addressable market.
This includes direct dialogue with larger asset managers and asset owners, as well as establishing local partnerships, via SimCorp’s successful ‘strategic asset servicing partnerships’ model, to serve the growing wealth management industry.
During his career, which spans 30 years, Anderson has gained experience in the investment management market, and expertise in financial software and accounting.
Previously, Anderson has held roles as managing director at FIS in Africa, as well as several senior positions held at SunGard.
Anderson has led many operational change management projects, with a firm understanding of business strategy and growth acceleration, SimCorp noted.
Anderson’s appointment comes at a time when SimCorp’s is enhancing its ground presence in South Africa to primarily focus on flexibly delivering its front-to-back investment management software solutions and managed services to local asset managers, state pension funds and sovereign wealth funds.
The country has also recently received its largest fiscal stimulus package and has many buy-side institutions in the market already seeking cost-efficient, multi-asset investment operations, to scale and grow.
According to SimCorp, the South African buy-side industry is undergoing a transitional phase, as it looks to address a legacy of best of breed solutions and outdated systems.
In order to secure future growth and fulfil long-term business outcomes, many firms are now looking to achieve scale and automation in their investment operations.
This drive has more recently been accelerated by the $26 billion fiscal stimulus package, the largest in the country’s history, announced by South African President, Cyril Ramaphosa, in response to the economic challenge posed by COVID-19, SimCorp explained.
Hans Otto Engkilde commented: “We are pleased to announce our move into South Africa and the arrival of Brian Anderson. The entry into South Africa comes at an important time in the country’s history, where there is a growing desire from local firms, for consolidated solutions that can truly support asset growth.”
He continued: “We believe SimCorp’s modular front-to-back design and multi-asset coverage can deliver the operational efficiency and flexibility needed, to achieve that growth. At the same time it enables SimCorp to broaden its global reach and will play a significant role in furthering our strategic growth ambition.”
Anderson added: “Having been immersed in the financial software industry locally for many years, I look forward to leveraging my broad knowledge and experience on the critical investment challenges asset owners and managers face today, and engaging with firms to demonstrate how these obstacles can be overcome with successful operational change.”
