State Street and SimCorp are planning to form a business partnership to provide a front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA).
EMEA-based insurance companies will have access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, accounting functionality and managed services.
This will be coupled with State Street’s data management, middle office and custody services on State Street’s ‘AlphaSM platform’.
The partnership will see SimCorp Dimension integrate with State Street’s proprietary software solutions, including Charles River Development.
State Street’s head of EMEA Jörg Ambrosius explained the new offering will provide a significant competitive advantage for their 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,” Ambrosius said.
Jochen Müller, chief commercial officer at SimCorp, added: “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.”
SimCorp was also recently selected by Mawer Investment Management, an independent investment firm, for its multi-asset, front-to-back, investment management platform, SimCorp Dimension.
