SimCorp, a provider of investment management solutions, has established on the ground presence in South Africa.
The firm will prioritise the delivery of its modular front-to-back solutions and managed services to local asset managers, state pension funds and sovereign wealth funds in the country.
The move comes as the country undergoes a transitional phase of resolving its legacy system issues.
In South Africa, the firm will engage in direct dialogue with larger asset managers and asset owners and look to set up local partnerships, using its ‘strategic asset servicing partnerships’ model.
The new business will be headed by managing director Brian Anderson.
A 30-year veteran in the financial services sector, Anderson previously had stints at FIS and SunGard.
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In the new role, he will report to senior vice president and managing director for UK, Northern Europe and Middle East Hans Otto Engkilde.
Engkilde noted: “The entry into South Africa comes at an important time in the country’s history, where there is a growing desire from local firms, for consolidated solutions that can truly support asset growth.
“We believe SimCorp’s modular front-to-back design and multi-asset coverage can deliver the operational efficiency and flexibility needed, to achieve that growth. At the same time it enables SimCorp to broaden its global reach and will play a significant role in furthering our strategic growth ambition.”
SimCorp was in the news recently for picking a stake in Alkymi – a start-up that makes data instantly actionable through machine learning.
Besides, in January this year, GAM Investments entered into a licence agreement with SimCorp to consolidate its operating platform.