SimCorp today announced that Norwegian Folketrygdfondet has selected SimCorp’s front office solution to achieve tighter system integration, lower operating costs and reduced time-to-market for new instruments.
Folketrygdfondet is responsible for the operational management of the Government Pension Fund Norway and manages public assets of approximately EUR 23bn. Folketrygdfondet is an existing SimCorp client, currently using SimCorp Dimension throughout its middle and back office functions. In 2011, the firm selected a so-called best-of-breed solution for the front office.
“We have come to realize that fewer systems equals less maintenance, more efficient operations, and lower operating costs. From a functional point of view, SimCorp’s front office solution is competitive with our current solution. With the benefits we gain from seamless integration to middle and back office, we find SimCorp Dimension to be the best solution for our needs. Our front office functions will benefit from the direct access to SimCorp Dimension’s IBOR (Investment Book of Record) and we also foresee an improved time-to-market for new instruments,” says Jørn Nilsen, Chief Operating Officer at Folketrygdfondet.
Once implemented, SimCorp‘s front office solution will provide Folketrygdfondet the full benefit of an enterprise front to back platform as well as SimCorp Dimension’s integrated IBOR. For the front office, this means real-time position keeping and the ability to get a timely, accurate overview of all holdings, risk exposure and investable cash.
Lau Harting Jeppesen, Head of Sales at SimCorp Nordic comments: “Having Folketrygdfondet commit to SimCorp’s front office solution is a milestone for us. We have seen numerous times over the past years that SimCorp Dimension is selected in direct competition with best-of-breed solutions, but replacing a best-of-breed solution is an even stronger testament to the strengths of our solution.”
Enquiries regarding this announcement should be addressed to:
Anders Crillesen, Corporate Communications, +45 3544 8800
Folketrygdfondet manages the Government Pension Fund Norway according to the mandate given by the Ministry of Finance. The Ministry has placed a capital deposit with Folketrygdfondet, which reinvests the capital in financial assets in its own name. The return on the assets is added to the fund capital.