RETIREMENT SYSTEMS OF ALABAMA EXPANDS PARTNERSHIP WITH SIMCORP TO LEVERAGE FRONT-OFFICE PRODUCT SUITE

The agreement builds on the companies’ strong existing partnership, which already includes use of SimCorp’s back- and middle-office suite. With the expanded agreement, RSA will now benefit from SimCorp’s front-office solutions, including asset management, order management, compliance management, and settlement management products. The expansion includes SimCorp’s FIX (Financial Information eXchange) solution, the electronic communications protocol used for front-office messaging.

The expansion to SimCorp’s full front-to-back suite will provide an enhanced real-time investment platform, a single consolidated overview across all asset classes, and enhanced compliance measures. This integration will play a key role in RSA’s current modernization and consolidation efforts, intended to eliminate challenges with manual workflows and duplicate data sources the firm currently faces.

“We are delighted to build on our proven partnership with the Retirement Systems of Alabama by integrating our front-office suite with their existing solutions,” comments Ann-Sophie Skjoldager Bom, Vice President of Sales for SimCorp North America. “By making this important addition to their portfolio of SimCorp solutions, RSA will be more strongly equipped to execute quickly and confidently on their investment decisions, and thereby better positioned to safeguard the pensions entrusted to them. We are proud to remain their trusted partner as they take this next step.”

“The decision to expand our relationship with SimCorp and make the strategic move to add their front-office solution was made easier by the superior products and service we have received and by the strong working relationship that has developed with SimCorp,” says David Adams, Assistant CFO at RSA. “The addition of the SimCorp front-office solution was born out of the need and desire to create more automated and straight through processing workflows. The automation and efficiencies gained in the years since implementing the existing SimCorp solutions have monumentally changed the way RSA Investment Accounting operates, and the time required to carry out related responsibilities.” 

With the addition of SimCorp’s front-office suite, RSA is joining an increasing number of firms in the pension market who are moving to consolidate and simplify their systems and operations. The project will begin in late October 2022 with an expected go-live in August 2023.

About SimCorp

SimCorp offers industry-leading, front-to-back investment management solutions. Our platform and ecosystem, comprising partners, services, and third-party connectivity empowers us to provide 40% of the world's top 100 financial companies with the efficiency and flexibility needed to succeed.

With over 25 offices around the world, and 2,000 employees, we are a truly global, collaborative team that connects every continent and industry seamlessly.

About the Retirement Systems of Alabama

Retirement Systems of Alabama (RSA) is headquartered in Montgomery, Alabama and administers retirement benefits to state employees, some county and municipal employees, teachers and education support personnel, and judges.

RSA has over 370,000 members with USD 44 billion in AUM. They invest in Domestic and International Equity, Domestic Fixed Income, Money Markets, US Governments and Agencies as well as real estate. 

RSA selected SimCorp Dimension hosted solution in December of 2016 as their accounting and operations software provider. Over the six-year partnership, RSA has utilized SimCorp Dimension to transform the middle and back-office business processes by providing the efficiency needed for operations.