SimCorp today released an in-depth video titled “What are the consequences of running on a legacy system?” Opening with a tongue-in-cheek montage of walkmans, typewriters and other technologies considered innovative for their time but obsolete absurdities in today’s world, the video goes on to describe how many buy-side firms are still relying on technology that predate these outmoded items in order to manage billions of investment dollars. This unexpected comparison is used to emphasize that it should not take another financial crisis in order to recognize the high operational risk of utilizing outdated systems.
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“The repercussions of legacy systems can cascade from senior management down to personal financial losses for investors and shareholders. Switching to a state-of-the-art investment management system empowers a firm to move from a position of pain to a position of power,” commented SimCorp’s CEO Klaus Holse. “Having replaced more than 100 legacy systems at buy-side firms across the globe, it is always rewarding to see the benefits that these organizations gain by making the move.”
Also featured in the video are four investment managers from around the world that discuss the business benefits of having moved to a state-of-the-art solution. These are just a few examples of firms that chose to replace legacy systems in order to fuel growth and innovation. Each testimonial focuses on the specific business advantages achieved that include asset growth enablement, cost-to-income reductions, zero cost to add new clients and business-wide automation.
The video gives further testament to the recent SimCorp StrategyLab report which revealed that one quarter of global investment management firms rely on outdated technology, putting both firms and investor returns at risk.
Enquiries regarding this announcement should be addressed to:
Lars Falkenberg, Head of Global Marketing & Communications, SimCorp, +45 2630 0127
Kevin Maher/Miranda Garrison, Cognito, +1 646 395 6300, [email protected]
Since 1971, SimCorp has been providing investment and portfolio management software and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s world-class software provides global financial organizations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX Copenhagen, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors. For more information about SimCorp's products, please visit www.simcorp.com/product.