29th June 2001, Windsor, United Kingdom -- KLM Pensioenfondsenkantoor B.V., the pension fund management arm of Netherlands airline giant KLM, has licensed Princeton Financial Systems' PAM® for Mutual Funds investment management and accounting system. The KLM Pension Funds will use PAM in the management of three separate portfolios KLM Pensioenfondsenkantoor administers for the airline's cabin crew personnel, pilots and ground staff.
KLM Pensioenfondsenkantoor B.V, manager of the KLM Pension Funds, is known within the industry as one of the most innovative and progressive of the Netherlands' corporate pension funds. KLM Pensioenfondsenkantoor is the third client Princeton Financial has signed in Europe this year and also becomes the third Netherlands based client, joining fellow Dutch investment managers Stichting Pensioenfondsen ABP and NIB Capital Asset Management.
"That a corporate pension fund with the reputation of KLM Pensioenfondsenkantoor would select PAM is proof of why PAM is considered a market leader throughout Europe," said Mike Baranack, Managing Director of Princeton Financial Systems' European Operations. "KLM Pensioenfondsenkantoor's selection of PAM is testament to our commitment to Europe's investment management community and our ability to meet the diverse and constantly changing requirements of this very dynamic industry. We are delighted that KLM Pensioenfondsenkantoor has chosen PAM and look forward to a long strategic relationship."
KLM Pensionfondsenkantoor began the search for a system in mid-2000 after its existing system was no longer capable of meeting KLM Pensioenfondsenkantoor's changing needs. "It became apparent to us very quickly that the flexibility that PAM offered us was perfect in terms of the new pooling structure we were creating with our existing portfolios," said Paul Vermeulen, head of Operations at KLM Pensioenfondsenkantoor. "This, along with the front-, middle- and back-office functionality that PAM offered backed up by Princeton's utilization of state-of-the-art technology, meant PAM was our first choice."
KLM Pensionfondsenkantoor was also looking for a provider that it could consider a partner in its business. "The functionality and technology that PAM offered was only part of the equation," Vermeulen said. "It was equally important in our selection process that we choose a vendor with whom we could form a long-term strategic alliance. We were very impressed with Princeton's operation in Windsor and visits to several existing clients confirmed our view that Princeton would certainly offer us the long-term commitment we were looking for."