Denmark-based SimCorp has scored a high-profile client for its new venture into also producing, as an outsourcing service, the investment accounting process for which it has previously just provided the system platform.
France-based AXA Investment Managers held nearly 900 billion euro in assets under management per last year-end. The new arrangement with SimCorp builds on a close existing relation, with AXA IM using SimCorp’s Dimension software suite across its front office operations in most of the world.
According to SimCorp’s press release, the investment accounting services have been launched in response to “a growing trend from buy-side clients for simplifying their operating model by outsourcing business processes”.
“The service also includes an investment accounting advisory overlay with access to a team of local accounting experts. It enables clients to access reports via an intuitive cloud-based self-service portal, consolidating post-trade data across multiple asset types,” it adds.
At PostTrade 360° Helsinki 2021 in November, SimCorp’s Jacqueline Walsh presented the new product in detail; her session is available as video here.