* Somerset County Council signs up for Icon for a minimum of 3 years
* Icon chosen to support multi-currency, multi-asset type pension fund investment accounting
Linedata Services, a global leader in the financial technology market, announced today that Somerset County Council has selected Icon, a best-of-breed investment administration and fund accounting system, to meet its pension fund investment accounting requirements.
Somerset County Council prides itself on providing excellent services that are accessible, responsive and sustainable to ensure Somerset is a healthy and vibrant place to live, work and visit. In compliance with government requirements, Somerset County Council provides a pension for its employees and other local government workers within the County and currently has more than £1 billion assets under management.
Committed to making the most efficient use of its assets, Somerset County Council's investment team conducted a thorough review of systems to ensure they were using the best solutions for managing its increasingly complex fund accounting requirements.
Anton Sweet, Funds and Investment Manager for Somerset County Council, commented, "As the investment landscape has changed over the years, our requirements have become more complex. For example, we now need to account for multiple currencies and handle more and more asset types. We selected Icon because it met our functional requirements, both now and going forward, as well as offering excellent support services."
Richard Scott, Head of Sales for Linedata Services (UK) Ltd, said, "Somerset County Council is a welcome addition to our growing community of pension fund clients. With more regulation, new fund types, different securities and the drive for efficiency and cost saving within the fund accounting area, an established, proven system such as Icon is essential. Icon adopts a flexible, 'toolkit' approach which allows its users to adapt existing functionality quickly and easily without the need for a new version every time there is a new business requirement."