NETHERLANDS – PGGM, the e50bn Dutch pension fund for workers in the healthcare and social sector, has outsourced the construction of its internal asset management operating systems to the European arm of US firm Financial Models Company (FMC).

The transition to the externaly built system took six months and PGGM will use a range of FMC applications, including FMCTrade, FMCPacer, FMCRecon and FMCNet.

FMC says the switch from an in-house to externally built system was made in near record time for a transition of such size.

“PGGM had clearly identified goals and had company-wide support for adopting one single-structured messaging policy across all systems,” says Phil Banas, managing director of Financial Models Corporation, FMC’s European subsidiary. He adds: “PGGM set up a multi-disciplinary team that worked methodically and effectively with FMC’s implementation team to complete the transition in near record time.”

Alfred Slager, project manager at the Dutch fund, comments: “Our goal was to get the new system up and running quickly, without disrupting our day-to-day business operations.”
“Now our back-end processes are streamlined and standardised, which allows us to provide more reliable, comprehensive and timely information for our asset management activities.”

PGGM says it recognised the need to standardise and integrate its internal systems, and to establish messaging protocols to external counter-parties.
The fund purchased FMC’s integrated asset management application suite in October 2000 and has since also purchased FMCSylvan, FMC’s multi-currency performance measurement and attribution system, along with FMCIndices and security level attribution.



Topics