Sophis Wins Contract for China Re Asset Management
London - 15 July 2010
First Insurance Company in China to adopt international portfolio management system and fully-integrated STP Process
Sophis, a leading provider of cross-asset, front-to-back portfolio and risk management solutions, has been awarded a contract from China Re Asset Management Company Ltd. (CRAMC), the asset management arm of China Reinsurance (Group) Corporation, to implement Sophis VALUE, its flagship buy-side system.
The mandate marks the first mainland Chinese insurance company to adopt a fully integrated Straight Through Processing (STP) system, which offers a centralized, user-friendly and automated platform overseeing all investment transactions. Under the agreement, the first stage of implementation will see the VALUE system being utilized by 50% of the team at CRAMC.
Celebrating Sophis’ second strategic client win in one of the world’s fastest growing countries, Corinne Grillet, Chief Operating Officer of Sophis Asia, said, “We are delighted to be recognised by one of China’s most reputable insurance companies. Despite fierce competition, our strong track record in the asset management industry and the flexibility and fully integrated nature of VALUE have once again proven to be the key winning factors. We look forward to working with CRAMC and its forward-thinking management to set up an innovative and robust system in anticipation of the evolving mainland financial industry.”
The Sophis VALUE system includes front-to-back office, risk management, and centralised data management modules and will provide CRAMC with world-class financial and technological capabilities, along with the user-friendliness and ease of implementation required for the Company’s future development.
Mr. Rong Zhiping, Party Committee Member for CRAMC, said, “To support our pioneering products and diversified asset classes over the coming years, we are looking not only for a system bridging international and local markets, but also a single highly integrated platform that will be used by every team member, from top management to front-line staff. And Sophis successfully won our vote as the clear industry leader in providing such a solution.”
Sophis opened an office in Beijing in 2009, located in the New Poly Plaza, Central Business District, Beijing and is expanding its team of sales and consulting professionals to service its new clients in China.