Linedata (NYSE Euronext: LIN), the global solutions provider dedicated to the investment management and credit industries, today announced that Foresters Friendly Society (Foresters) has chosen Linedata Icon as the technology solution for their fund accounting and unit pricing operations. Linedata Icon is an award-winning investment management fund accounting solution characterised by its record of innovation, high levels of client satisfaction and adaptability to different markets and geographies.
Foresters is an established UK Friendly Society with around 82,000 members. With the recent acquisition of a book of unit-linked life insurance business, Foresters required a fund accounting and unit pricing solution which could undertake unit pricing on a daily basis as well as manage the general investment accounting associated with such funds. Linedata Icon was selected as the preferred vendor against an extensive list of criteria and especially favored for its unit price production capabilities.
This operation required a swift implementation to comply with the acquisition timetable and the entire Linedata Icon solution was up and running in a three month timescale. Foresters were particularly impressed with the breadth of expertise of the Linedata team who made this happen, citing the knowledgeable, responsive and positive approach on accounting matters, system design and set up, IT, training and post-implementation issues.
Paul Osborn, Chief Executive of Foresters Friendly Society, comments, “Having Linedata Icon in place to meet our fund accounting and unit pricing needs as we grow will mean that our technology will be an enabling factor. Its scalability and the robust implementation makes us confident that, whether new business comes through sales or through acquisition of other friendly societies or insurance companies, Linedata will be key in streamlining and automating our fund administration and unit pricing processes.”
Thierry Soret, Head of Back Office Asset Management at Linedata, observes, “We are delighted to welcome Foresters as a client of our Back Office business. Linedata Icon has a strong and growing base of friendly society and insurance clients in the UK and beyond, who are particularly well served by our experience and expertise in fund administration. We continue to invest in Linedata Icon to ensure that it is functionally and technologically advanced and supports our clients in their growth, across all markets and geographies.”