SimCorp announced today that Challenger Financial Services Group Limited, an Australian domiciled publicly listed financial services company, has migrated the products it acquired through its March 2005 purchase of HSBC Asset Management (Australia) Limited onto the SimCorp Dimension investment management system in just five weeks.
Challenger uses SimCorp Dimension across its life and wealth management businesses as well as its treasury unit. The platform supports 50 investment funds and calculates 60 daily unit prices. Its functions include investment decision-making, modelling and trading activities. The platform handles asset administration, performance measurement, compliance, reconciliations, settlements, securities pricing and data integrity functions, and processes all underlying securities transactions.
HSBC Asset Management (Australia) Limited managed over A$3 billion in funds in 44 portfolios in wholesale and retail funds across a range of asset classes.
The short migration time and scalability of the system enabled Challenger to realise a significant acquisition synergy.
Challengerâs open architecture meant that the HSBC funds migration required minimal involvement from technical staff in the Information Technology department. It also meant Challenger staff could modify the platform to reflect regulatory changes, without assistance from the vendor.