State Street and SimCorp has announced their intent to form a business partnership to launch investment outsourcing solution in Europe, Middle East and Africa (EMEA).
The new solution will provide EMEA-based insurance companies with access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced accounting functionality and managed services.
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They will be also able to utilise State Street’s data management, middle office and custody services on the company’s AlphaSM platform.
Consistent with the Alpha platform commitment to provide clients access to leading capabilities through an open architecture, this partnership will integrate SimCorp Dimension with State Street’s proprietary software solutions, including Charles River Development.
State Street Europe, the Middle East and Africa head Jörg Ambrosius said: “This new offering will provide a significant competitive advantage for our insurance clients in the region.
“This partnership is an example of the open architecture and flexibility that our Alpha platform provides and our commitment to working with SimCorp as a strategic partner to offer the best solutions to our clients.”
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By GlobalDataAccording to the company, the solution is launched at time a EMEA insurers are dealing with low returns, a decline in interest rates, increased regulatory burden and technology costs.
The partnership aims to address the operational efficiency and accuracy by offering them with timely, high-quality, multi-asset data for their complete operations.
Furthermore, the integration of SimCorp Dimension with State Street AlphaSM platform is said to fully address the investment lifecycle.
SimCorp chief commercial officer Jochen Müller said: “We welcome the new business partnership with State Street.
“We are pleased that State Street is expanding the use of SimCorp Dimension in their European business and we are impressed how open they want to be in their Alpha Platform, also accepting the complete SimCorp Solution to deliver their services.”
