NEW YORK--(BUSINESS WIRE)--SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that Elo Mutual Pension Insurance company has gone live with SimCorp Dimension. Founded in January 2014, Elo is a merger of Pension Fennia and Local Tapiola Pension Company. The market value of Elo’s investment assets is over 18 billion Euro.
SimCorp Dimension provides Elo with a high degree of automated processes and is flexible, adaptable and scalable to deal with both current and future market requirements. The integrated platform, with front- to back-office capabilities that taps into a single warehouse of high-quality position data across all listed asset classes, allows Elo to handle investment workflows more efficiently.
“Our goal is to be a strong and responsible employment pension player managing our investments to the highest possible standards. Looking at different vendors, we found SimCorp’s integrated front- to back-office solution to be ideal for providing the efficiency we need in our operations. We have been very impressed with the implementation, which was finished in only six months by SimCorp consultants in collaboration with Elo’s in-house specialists, as well as with the capabilities and performance of the system,” said Sarianne Kirvesmäki, Director of Finance and Investment Risk Supervision at Elo.
Lau Jeppesen, Sales Director of SimCorp Nordic, said: “When merging, Elo has been wise not to integrate a number of different technologies, but instead invest in a fully integrated solution covering front- to back-office. Asset managers can no longer risk relying on legacy investment management systems. Elo has clearly recognized the need for a state-of-the-art, future-proofed solution to help the new company be on the forefront of the Finnish pension industry. We are pleased to partner with a pension company like Elo that embraces technology as an enabler of growth.”
Since 1971, SimCorp has been providing investment and portfolio management software and services to the world’s leading investment managers, asset managers, fund managers, fund administrators, pension funds, insurance funds and wealth managers. SimCorp’s world-class software provides global financial organisations with the tools they need to mitigate risk, reduce cost and enable growth. SimCorp is a global company, regionally covering all of Europe, North America and Asia Pacific. Listed on the NASDAQ OMX Copenhagen, SimCorp is dedicated to supporting the global investment management industry, its clients and its investors. For more information about SimCorp’s products, please visit www.simcorp.com/solutions.
Elo Mutual Pension Insurance Company is a customer-owned employment pension company that manages the statutory employment pension provision for employees in its client companies as well as for self-employed persons. Elo was established on 1 January 2014 through the merger of LocalTapiola Pension and Pension Fennia. The total premium income of these former companies was approximately 3 billion euro in 2013. The combined market value of their investment assets was over 18 billion euro at the end of 2013. Elo insures about 490,000 employees and self-employed persons. At the end of 2013, the merging companies had a total of about 210,000 pension recipients.