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ASB Group Investments positioned for growth after boosting transaction processing

  • 26 May, 2004 18:14

<p>Sydney, May 26, 2004––ASB Group Investments looks to realise improved risk management after a successful first phase rollout of SimCorp Dimension.</p>
<p>Portfolio rebalancing time has been cut by implementing the SimCorp Dimension straight-through processing system across ASB Group Investments’ back office, trading, unit pricing and accounting functions.</p>
<p>Unit pricing will also take less time on the SimCorp platform; and risk management is fully automated enabling ASB Group Investments to be well positioned to manage future growth requirements in back-office and middle-office operations.</p>
<p>ASB Group Investments is the recently formed investment arm of New Zealand’s ASB Banking Group, owned by the Commonwealth Bank of Australia. ASB Group Investments manages client funds for Sovereign and ASB Bank along with the administration of third-party clients assets via Jacques Martin and Aegis. The investment management business is one of the largest in New Zealand, holding more than NZ$5 billion of Funds under Management and NZ$7billion Funds under Administration. ASB Group Investments was voted Morningstar Fund Manager of the Year in New Zealand for 2003.</p>
<p>SimCorp Dimension reduces risk and automates 90 per cent of compliance checking</p>
<p>“SimCorp Dimension is important for the future growth of ASBGI’s business,” says Ross McEwan, Head of ASB Group Investments.” It provides a flexible and scalable backbone platform for developing our future operations.</p>
<p>“ASB Group Investments wants to be at the forefront of the industry for risk management and SimCorp Dimension mitigates the vast majority of our processing risk. We are moving from multiple systems requiring manual intervention to a fully functioning straight-through processing system for most facets of our business,” says Mr McEwan.</p>
<p>“SimCorp Dimension has raised all-round performance in our daily operations including speedy unit price calculation, the ability to deliver real-time information to our clients and robust accounting and compliance procedures.”</p>
<p>To date, ASB Group Investments has migrated 200 funds involving over NZ$2.0 billion in client investments to SimCorp Dimension. The system went live on 1 April 2004 after a trouble-free implementation.</p>
<p>“We are raising our transaction-processing operations to best-practice standards with SimCorp Dimension,” Mr McEwan says. "SimCorp Dimension links all functions to a single database shared by all users. This eliminates the need for numerous satellite systems that slow the end-to-end process."</p>
<p>ASB Group Investments was SimCorp’s first customer in New Zealand. The investment manager expects to migrate a further NZ$2.0 billion in funds to the SimCorp Dimension system in July.</p>
<p>Mr McEwan expects further benefits to emerge once the rollout of SimCorp Dimension is complete, including faster time-to-market for new products. “SimCorp Dimension offers many features that can be tailored to our unique requirements including the ability to customise business reports that come off the platform."</p>
<p>Bruce Wood, Managing Director, SimCorp Asia, says: “New Zealand is a new market for SimCorp and as such it is important for us to demonstrate not only that SimCorp Dimension is fully compliant with local taxation and regulatory requirements but also that there is effectively no project or system risk in choosing SimCorp as a system provider."
<p>About SimCorp
SimCorp supplies highly specialised software and financial knowledge for the global financial services sector and treasury departments within industrial companies. SimCorp has designed and developed its software in close collaboration with international financial services groups for more than 30 years. Its customers include international banks, insurance companies and investment managers. Headquartered and listed in Copenhagen (KFX:SIM), SimCorp employs more than 550 staff in international and regional financial centres across Asia Pacific, Europe and North America.</p>
<p>For further information:
Bruce Wood
Managing Director
SimCorp Asia
Tel: +61 (2) 9241 4222
Mobile:+61 418 601 868
<p>Lachie Hill
Public Relations
Lachie Hill Communications Pty Ltd
Tel: +61 2 9953 5629
Mob: +61 0411 113 445

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