London, 3 August 2004 - Linedata Services, a leading provider of software and services to the global financial services marketplace, today announced that Scottish Equitable International in Dublin has selected Icon to manage its investment accounting and valuation requirements.
Scottish Equitable International is part of the AEGON Group, one of the world’s largest listed insurers with current assets of over £200 billion and 24,000 employees worldwide. Scottish Equitable International (Dublin) was established in 2002 to expand the investment opportunities and solutions that it could offer, particularly to investors in the UK.
Scottish Equitable International had previously used Linedata Services’ Icon on a fully in-house basis to run its operations out of its Luxembourg site. Following the selection of Icon for its Dublin operation and with a view to increasing its commitment to its customers, it decided to maintain dedicated databases for both sites with Linedata Services on a facilities-managed basis, also taking up the optional disaster recovery service. This allows Scottish Equitable to concentrate fully on its core business.
Stephen Bishop, General Manager for Scottish Equitable International (Dublin), explained, "We have a good relationship with Linedata Services and we are happy with Icon, so it made sense to extend the use of the product to our new Dublin office. We had used Icon as a fully in-house system before, but, with multiple sites, we decided to adopt a facilities-managed approach. This means that Linedata Services handles the IT hardware and system administration, minimising our IT costs and day-to-day overheads."
Richard Scott, Head of Sales for Linedata Services (UK) Ltd, commented, "We are delighted that Scottish Equitable International selected Icon as the most suitable product to meet its back office investment accounting requirements for its new office in Ireland. Although Icon has traditionally been labelled as a UK fund accounting system, this is not the case. With this implementation of Icon in Ireland, we are proud to say that Icon is now used in over ten countries."
Over 80 organisations use Icon to manage pension, insurance and collective investment funds with structures including inter-investing fund hierarchies, umbrella funds, fund of funds and master/feeder funds.