Wüstenrot & Württembergische Chooses SimCorp Dimension

Wüstenrot & Württembergische AG (W & W), one of the largest German financial services providers, incorporating building societies, banks and insurance companies, is unifying the software platform used for investment management across the group. W & W has selected SimCorp Dimension to manage the investments, incorporating reporting to IFRS/IAS standards.

The quoted W & W group, with assets of 54.4 billion euro, aims to have consolidated the investment management of its individual group companies to include parallel bookkeeping (local German GAAP, taxes and IFRS) and back office reporting, company-wide. To achieve this, W & W will use SimCorp Dimension’s comprehensive, market-proven IAS39 functionality.

SimCorp Dimension will be a single system replacement for a number of investment management applications currently used in different parts of the group. Although the initial implementation will be geared to back-office processes, further group-wide deployment of SimCorp Dimension functionality is planned, which will benefit the front and middle office, particularly in the areas of risk management and compliance.

"SimCorp Dimension is the ideal system for our requirements," explains Wilhelm Ehlen, management board member of Wüstenrot Bank and head of the group’s accounts department. "It has been used by our building society business for a long time, and now we can extend its use to support the entire group’s investment management operations, creating a single operational platform."

The German W & W group, with headquarters in Stuttgart, employs around 9,200 staff. It was formed in 1999 by the merger of two well established companies: Wüstenrot and Württembergische. The group incorporates Wüstenrot Bausparkasse, Wüstenrot Bank, Württembergische Versicherung, Württembergische Leben, W & W Asset Management and ARA Pensionskasse.

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