Storebrand has completed a front to back consolidation project with SimCorp’s front office and fund management solutions.
The newly implemented front office solutions enable Storebrand Asset Management to automate and standardise investment processes front to back, reducing costs, while ensuring the scalability necessary for future growth in a competitive market.
Within the front office, Storebrand’s fixed income, currency and equities teams are now live on SimCorp Dimension, running both active and passive investments.
The automated front office solution covers portfolio as well as order management and is integrated with SimCorp’s Investment Book of Record (IBOR) and with key functions across the investment lifecycle. The consolidation strategy also includes risk management and post trade compliance.
As a key feature, this solution has introduced share classes with the option of different fee rates, fee setups and currencies enabling Storebrand Asset Management to better serve its wide client base, and meet current and future market requirements, including more granular regulatory reporting.
The adoption of SimCorp’s fund solution has increased straight through processing (STP) for all funds, resulting in automated pricing process and increased data accuracy.
The solution has also reduction in time spent on error management and enabled a faster time to market, with the ability to deliver new share classes live in less than 24 hours.
According to Storebrand, establishing a single platform from front to back has also delivered the scalability needed for further expansion and growth, such as the recent acquisition of Norwegian active management firm, Skagen, which quadrupled Storebrand Asset Management’s share of the Norwegian private funds savings market.
Storebrand Asset Management has also recently gone into production with SimCorp Dimension’s fund administration solution, enabling it to move from five different fund configurations to one common, integrated setup.
Erik Kaland, COO of Storebrand Asset Management, commented: “In a relatively short period of time, SimCorp has helped to completely transform our front office and fund platforms, successfully replacing our legacy systems with a far superior and automated platform, across front to back.”
He added: “With a more standardised configuration and centralised architecture, we have not only significantly reduced operational risk and cost of ownership, but equally important, positioned ourselves strongly, as we continue to seek new market and growth opportunities.”
Klaus Holse, CEO of SimCorp, said: “Storebrand Asset Management is a prime example of the challenge faced by many buy side firms, where historical reliance on best-of-breed and legacy technology stand in the way of future business growth.”
He added: “Having realised the operational and strategic benefits of a consolidated model, Storebrand has demonstrated how to take effective action and break away from the status quo of ineffective technology.”
