SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has successfully completed the implementation of SimCorp Dimension. The implementation provides SOFAZ with a fully integrated portfolio management, investment book of record (IBOR), and accounting system, covering front, middle, and back office, which allows the sovereign wealth fund to automate and streamline its financial portfolio management activities.
SOFAZ’s assets under management has increased from less than USD 1.5bn ten years ago to over USD 34bn today, and since then the complexity and diversity of the financial instruments the fund is investing in have increased significantly. SimCorp Dimension is being used to support equities, fixed income, money markets, FX, derivatives, securities lending, alternatives, real estate, and precious metals.
The SimCorp Dimension implementation at SOFAZ supports all investment functions, with the system’s IBOR at its core. The scope covers Trade STP, Cash Management, Accounting and Valuation, General Ledger, Reporting, Reconciliation, Integration (Bloomberg, SWIFT, OMGEO CTM, FIX, custodians), Compliance, Corporate Actions, Performance, and Risk.
Israfil Mammadov, Deputy CEO at SOFAZ, comments: ”As the Oil Fund grows, we will continue to diversify our investment portfolio. In the future we are planning to introduce new asset types to our portfolio including non-traditional, complex investments. With SimCorp Dimension operational, we have the tools in place to support our continued growth efficiently. Furthermore, the manner in which the implementation project has been accomplished, on time and on budget, gives us confidence that SimCorp will be a very effective partner going forward.”
“Analyses show that business growth is firmly back on the asset management agenda and few organizations exemplify this better than SOFAZ ,” says Peter Hill, Managing Director of SimCorp Ltd. “By implementing SimCorp Dimension front-to-back, SOFAZ has set itself up not only to streamline current investment activities, but also to efficiently support continued expansion. We’ve worked very effectively, in both Baku and London, with the highly professional SOFAZ team, we are delighted that they are now live on SimCorp Dimension, and we’re excited about working with them going forward.”