South Carolina to install QED system
Software lets treasury officials moniter performance, compliance
COLUMBIA, S.C. -- The South Carolina Office of the Treasury will install the QED IMS-2000 portfolio management and investment accounting system to manage $23 billion in combined treasury and state pension assets. The South Carolina State Retirement System has $19 billion in assets.
The QED system supports treasury management and portfolio accounting. The software will allow treasury officials to measure and monitor investment performance and compliance while tracking investments and transactions.
The state has been using an internally designed system installed in 1987.
Wells replaces custodial system
MINNEAPOLIS -- Wells Fargo Master Trust and Custody Services licensed an investment management software system by SunGard Investment Management Systems to handle master trust processing. The system includes SunGard's global daily investment accounting program, a performance measurement and portfolio attribution program, and a global reporting package.
The installation represents a complete upgrade of the previous SunGard system used by Wells. The new system is integrated and automates the master custody performance reporting of domestic and international assets of Wells' domestic master trust clients using a web-enabled asset management program on the UNIX platform.
Wells Fargo has $425 billion in client assets and serves about 8,000 retirement plan sponsors.
J.P. Morgan launches European service
NEW YORK -- J.P. Morgan last month introduced SwapsLab, calling it the first fully comprehensive web-based European risk management service for corporate clients.
SwapsLab provides J.P. Morgan clients with access to information and analytical tools designed to help them identify risk management opportunities, as well as rates and commentary from J.P. Morgan's trading desk.
The site provides 24-hour access to information on the derivatives market tailored to client needs, allowing them to track and analyze their own portfolios. It's at www.SwapsLab.jpmorgan.com.
Standard Life Assurance signs on with PAM
MONTREAL -- Standard Life Assurance Co. of Canada, with more than C$10 billion (U.S.$6.89 billion) in assets under management, licensed the PAM portfolio accounting and management system from Princeton Financial Systems, Princeton, N.J. Standard Life will move all of its assets onto PAM for consolidated management, accounting and reporting.
Western and Southern Life switches its systems
CINCINNATI -- The Western and Southern Life Insurance Co. and its investment management subsidiary, Fort Washington Investment Advisors, have licensed the PAM for Securities investment management and portfolio accounting system from Princeton Financial Systems.
The Cincinnati-based companies have a total of $25 billion under management. Western-Southern Life previously used an internally developed mainframe application.
Citibank Worldwide licenses Sungard package
NEW YORK -- Citibank Worldwide Securities has licensed a package of SunGard's integrated software products. The package contains INVEST ONE, a global daily investment accounting system; XAMIN, a performance measurement/portfolio attribution system; and GCR, a global client reporting package Citibank will use for all of its domestic custody business. Clients will be able to access the software on the Internet.
Citibank has been using INVEST ONE as an investment accounting system for a small subset of its portfolios.
Scudder Kemper working on online technology
NEW YORK -- Scudder Kemper Investments hired Worthington Software Engineering, Minneapolis, to help create online document management technology. The software, BigDocs, is a text and database engine that custom-produces the qualified plan and related forms and documents for 401(k) and other retirement plans.
NewRiver Investor, DeRemer merge
ANDOVER, Mass. -- NewRiver Investor Communications merged with DeRemer + Associates and will offer e-business strategies for the financial services industry. The new consulting company will be called NewRiver.
DeRemer provided money management firms with business planning, distribution and service strategies, product design and competitive positioning consulting. New River consults with brokerage houses, mutual fund companies, banks and insurance companies in developing electronic business and communication strategies.
The companies' clients have included Aetna, Hartford Financial Group, INVESCO, Morningstar, Nvest, Salomon Smith Barney and Zurich Kemper.