SunGard today announced that Principal Funds, the mutual fund business of the Principal Financial GroupÂ®, has upgraded to InvestOne Enterprise, SunGardâs next-generation investment accounting and reporting technology platform. In addition, Principal Funds has contracted for SunGardâs InvestOne Enterprise Exception Manager Module, which allows InvestOne Enterprise to process exceptions automatically based on user-defined business rules.
Principal Funds currently has over $56 billion in assets (as of 12/31/06) and has been an InvestOne application service provider (ASP) customer since 1991. With the upgrade, Principal Funds migrated over $33 billion in assets from a previous version of InvestOne and deployed $22 billion in new assets to the InvestOne Enterprise platform. Principal Funds acquired the additional assets in the 2006 acquisition of WM Advisors.
The upgrade to InvestOne Enterprise has helped Principal Funds improve fund accounting and operational efficiencies by taking advantage of features designed to streamline back-office operations, including a customizable browser-based Dynamic Desktop with role-based workflows and extended reporting capabilities. Once the InvestOne Enterprise Exception Manager Module is implemented, Principal Funds will be able to process accounting exceptions on a more proactive basis by employing customized rules.
âIn the short time since our upgrade was completed, InvestOne Enterprise has enhanced the efficiency of our organization. We have begun realizing benefits through the easy-to-use interface and workflows built specifically around our business model,â said Layne Rasmussen, vice president and controller, Principal Funds. âIn addition to helping improve the way we work, the SunGard staff managed a seamless integration that was completed on time and on budget.â
InvestOne Enterprise is an evolution of the industry-leading InvestOne accounting system into a configurable, enterprise solution based on an extensible and scalable service-oriented architecture. InvestOne Enterprise features a platform-independent architecture that is available on an ASP or installed basis, message-based integration with third-party systems and data sources, a meta data-driven architecture, and extensive Web-based administration features for easy system configuration and maintenance.
âWith InvestOne Enterprise, SunGard combines the productâs award-winning, next-generation technology with a proven and disciplined implementation methodology, helping enhance the value we can deliver to our customers,â said Doug Morgan, president of SunGardâs investment systems business unit. âWe take great pride in our history of supporting Principal Funds and look forward to extending this relationship long into the future.â