Houston-based asset manager of Germany’s fourth-largest bank licenses PAM® software hosting service

Princeton, NJ USA (July 29, 2003) -- WestLB Asset Management (US) LLC, the Houston-based fixed-income investment management arm of German bank WestLB AG, has licensed ePAMSM, Princeton Financial® Systems’ software hosting service for its PAM® family of portfolio management and accounting systems. WestAM chose PAM for its ability to handle complex fixed-income securities and ePAM for the efficiencies and cost-effectiveness it provides through Internet-based delivery.

The Houston operation of WestAM manages U.S. fixed-income assets and is part of the U.S. asset management arm of WestLB AG, Germany's fourth-largest bank. WestAM will use ePAM for Securities and ePAM for Mutual Funds to manage and account for its more than $7 billion portfolio, integrating PAM with its trading system and to support client reporting.

As an ASP (Application Service Provider) for PAM, Princeton Financial will house WestAM’s data, provide remote access and perform all of the necessary data center activities for WestAM’s PAM database.

PAM’s sophisticated fixed-income accounting engine was integral in WestAM’s decision to go with the system. In particular, WestAM felt PAM could handle swaps, mortgage-backed securities, floating rate securities and repos better than competing systems it considered. WestAM’s previous system was Shaw Data from Sungard.

"We believe that Princeton Financial’s ePAM ASP model provides a very scalable platform for growth," said Gregory Caudell, WestAM’s head of U.S. operations. "In addition, the system's reporting flexibility will enable us to enhance the high level of service our clients currently enjoy."

"As the system of choice for many managers of complex fixed-income portfolios, PAM provides powerful accounting and analytical information that is highly accurate," said Scott Ferrante, Chief Operating Office for Princeton Financial. "By accessing PAM through ePAM, WestAM is also getting a functionally robust investment accounting system and managed network services, without the costs associated with licensing, installing and maintaining a mission-critical application itself. All of these benefits will give WestAM significant competitive advantages."

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