The implementation provides SOFAZ with a fully integrated portfolio management, investment book of record (IBOR), and accounting system, covering front, middle, and back office, which allows the sovereign wealth fund to automate and streamline its financial portfolio management activities.
SOFAZ’s assets under management has increased from less than USD 1.5bn ten years ago to over USD 34bn today, and since then the complexity and diversity of the financial instruments the fund is investing in have increased significantly. SimCorp Dimension is being used to support equities, fixed income, money markets, FX, derivatives, securities lending, alternatives, real estate, and precious metals.
The SimCorp Dimension implementation at SOFAZ supports all investment functions, with the system’s IBOR at its core. The scope covers Trade STP, Cash Management, Accounting and Valuation, General Ledger, Reporting, Reconciliation, Integration (Bloomberg, SWIFT, OMGEO CTM, FIX, custodians), Compliance, Corporate Actions, Performance, and Risk.
Israfil Mammadov, Deputy CEO at SOFAZ, comments: ”As the Oil Fund grows, we will continue to diversify our investment portfolio. In the future we are planning to introduce new asset types to our portfolio including non-traditional, complex investments. With SimCorp Dimension operational, we have the tools in place to support our continued growth efficiently. Furthermore, the manner in which the implementation project has been accomplished, on time and on budget, gives us confidence that SimCorp will be a very effective partner going forward.”
“Analyses show that business growth is firmly back on the asset management agenda and few organizations exemplify this better than SOFAZ ,” says Peter Hill, Managing Director of SimCorp Ltd. “By implementing SimCorp Dimension front-to-back, SOFAZ has set itself up not only to streamline current investment activities, but also to efficiently support continued expansion. We’ve worked very effectively, in both Baku and London, with the highly professional SOFAZ team, we are delighted that they are now live on SimCorp Dimension, and we’re excited about working with them going forward.”
Enquiries regarding this announcement should be addressed to:
Indre Dudulyte, Greentarget (=44 (0)20 7250 6995)
Anders Crillesen, SimCorp Corporate Communications (+45 3544 6474)
The State Oil Fund of Azerbaijan, the sovereign wealth fund, was set up in December 1999 by the Presidential Decree as an extra-budgetary entity which accumulates and manages oil and gas revenues of the country. The Fund’s primary objectives are to help maintain macroeconomic stability in the country and to generate wealth for present and future generations.
SimCorp provides integrated, best-in-class investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers, and sovereign wealth funds. Whether deployed on premise or as an ASP solution, its core system, SimCorp Dimension, supports the entire investment value chain and range of instruments, all based on a market-leading IBOR. SimCorp invests more than 20% of its annual revenue in R&D, helping clients develop their business and stay ahead of ever-changing industry demands. Listed on NASDAQ Copenhagen, SimCorp is a global company, regionally covering all of Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com.