Windsor UK - Friends First Asset Management, a leading Irish financial services group, has selected Princeton Financial Systems' PAM® investment management and accounting software to manage portfolios of global equities, fixed-income securities and derivatives. Friends First, established in 1995, manages more than IR 3.5 billion in assets for the Friends First Group and segregated pension fund clients.
Friends First is part of the pan-European Eureko Alliance, the fifth-largest insurance group in Europe with a total asset base of 195.9 billion euros and more than 72,000 employees in 15 countries.
With the PAM family of software, Friends First has acquired a fully integrated front- to back-office system that utilises a single database. Friends First licensed PAM for Mutual Funds investment management system and several complementary modules, including the FrontLine(tm) Suite for comprehensive trade order management functionality to track the life cycle of a trade from inception through placement, execution, allocation, and posting; the BLOOMBERGÒ Data License interface to connect to Bloomberg's market data warehouse; and the PAM Software Developers Toolkit for extending PAM's functionality to build custom interfaces, screens, and reports.
Friends First started looking for a system in March 2000 in order to develop a cost- effective automated solution to support its needs and those of its third-party clients. A number of systems and vendors were examined and the final decision was between DSTi's HiPortfolio and Princeton's PAM, according to Brian Tilson, Operations Manager, Friends First Asset Management.
While Friends First is Princeton Financial's first Irish client, the new relationship is another example of PAM's flexibility and ability to work in different markets across Europe. "We have a development team in Windsor totally dedicated to enhancing PAM to meet the demands of the various markets around Europe," said Mike Baranack, Managing Director of European Operations for Princeton Financial. "We are delighted that Friends First has chosen us as a vendor partner. This relationship further demonstrates the adaptability of our PAM systems."
Princeton Financial Systems, an independent subsidiary of State Street Corporation, is a leading provider of investment management software systems and ASP services for institutional investors worldwide. Its flagship PAM® investment systems provide complete STP-ready front-to-back office functionality that can be licensed for in-house use or accessed via the Internet. Current clients include 335 investment managers, mutual funds/unit trusts, insurance companies, pension funds and banks with combined assets approaching US $3 trillion. The company is headquartered in Princeton, New Jersey USA, with offices throughout the United States and in Windsor, Amsterdam, Brussels, Sydney, Singapore, and Toronto.