FHLBank of Pittsburgh selects SimCorp Dimension for investment management
The Federal Home Loan Bank (FHLBank) of Pittsburgh has partnered with Denmark’s SimCorp for its investment management platform.
FHLBank of Pittsburgh partners SimCorp
The bank, which operates as part of an 11-strong group of US-based banks providing loans and other forms of liquidity to financial institutions, has signed an eight-year agreement with the vendor for SimCorp Dimension.
First launched by SimCorp back in 1999, the front-to-back modular platform services asset managers, fund managers, asset owners and other financial institutions, with securities management, transaction processing, portfolio performance tracking and compliance reporting, among other areas of application.
SimCorp Dimension has supported cloud compatibility since SimCorp’s 2020 partnership with GlobalLogic.
The firm, which was acquired by Deutsche Börse Group last year, says the integration will enable its latest partner to “consolidate workflows” in areas of portfolio management, compliance, accounting and debt issuance while retiring its legacy solutions in the process.
Additionally, SimCorp’s provision will also extend to letters of credit and advances for the bank, supported by “specialised issuance and accounting processes”, as well as services for data management and data warehousing.
Oliver Johnson, chief revenue officer at SimCorp, claims the bank’s selection of the platform “affirms our strategy of continuously reinvesting in our core platforms” and describes it as “a continued realisation of SimCorp’s growing footprint in North America”.
