Challenger originally selected SimCorp Dimension based on better total cost of ownership for back office and middle office functions.
The SimCorp platform has given Challenger a single scalable solution to manage growth across its fund management and life businesses.
Using SimCorp Dimensionâs single-database approach to deliver straight-through processing for all securities and functions enables Challenger to reduce manual processes, minimise redundant data storage and eliminate error-prone data re-keying.
SimCorp Dimension has provided Challenger with an end-to-end solution that delivers processing savings, trade-flow efficiencies, improved matching and a single set of compliance procedures.
"This translates to a lower total cost of ownership, which in the long run was the compelling reason for our selection of SimCorp Dimension,â says Derek Goh, Challengerâs General Manager of Information Technology and Facility Management.
SimCorp Dimension deployed in just three months
Challenger has now migrated its wholesale institutional mandate business to the SimCorp Dimension platform. The system went live in December after a deployment time of three months.
"Our initial plan was to use SimCorp Dimension for back and middle office functions across Australia to improve our economies of scale and functionality. However, after implementing our first group of funds in a record time, we decided to expand the scope of the project to the front office as well," says Mr Goh.
Challenger was SimCorpâs first customer in Australia in October 2003. As part of its ongoing rollout, Challenger will implement a select group of managed funds onto the SimCorp Dimension platform in April.
Subsequent phases of the rollout of SimCorp Dimension include: consolidation of all existing managed investment schemes (encompassing migration from a number of existing back office systems); implementation of treasury functions and implementation of full front office functionality.
SimCorp Dimension tailored to the Australian market
"SimCorp Dimension is a feature-rich and highly configurable platform that reduces future applications development cost considerably," says Bruce Wood, Managing Director, SimCorp Asia.
"SimCorp Dimension is localised for Australian requirements and gives investment management companies the capability to handle all modern product types on a single platform, including traditional wholesale funds, retail funds and wraps."