State Street Corporation (NYSE: STT) and investment management solutions and service provider, SimCorp (OMXC25: SIM), today announced their intent to form a business partnership to provide a premier, fully integrated, front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA).
EMEA-based insurance companies will have access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced accounting functionality and managed services, together with State Street’s leading data management, middle office and custody services on the State Street AlphaSM platform. Consistent with the Alpha platform commitment to provide clients access to leading capabilities through an open architecture, this partnership will integrate SimCorp Dimension with State Street’s proprietary software solutions including Charles River Development.
The solution comes as EMEA insurers face increasing pressure due to low returns, a decline in interest rates, increased regulatory burden and rising technology costs. The new partnership from State Street and SimCorp addresses operational efficiency, delivering improved accuracy and timely, high-quality, multi-asset data for their full front-to-back operations. The integration of SimCorp Dimension with State Street AlphaSM fully addresses what has historically been a fragmented, expensive and time-consuming process across the investment lifecycle.
“This new offering will provide a significant competitive advantage for our insurance clients in the region,” said Jörg Ambrosius, head of Europe, the Middle East and Africa at State Street. “This partnership is an example of the open architecture and flexibility that our Alpha platform provides and our commitment to working with SimCorp as a strategic partner to offer the best solutions to our clients.”
“We welcome the new business partnership with State Street,” said Jochen Müller, chief commercial officer at SimCorp. “We are pleased that State Street is expanding the use of SimCorp Dimension in their European business and we are impressed how open they want to be in their Alpha Platform, also accepting the complete SimCorp Solution to deliver their services.”
State Street Corporation (NYSE: STT) is one of the world’s leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street’s website at www.statestreet.com.