Nordea Life & Pension Signs Front to Back SimCorp Dimension Agreement as Part of its Transformation
Press Release
SimCorp, a leading provider of investment management solutions and services to the global financial services industry, announces that it has signed a five-year license agreement with Nordea Life & Pension, soon to be Velliv, for use of its flagship investment management system, SimCorp Dimension, across the front, middle and back office. Operating as a separate entity, Nordea Life & Pension will under this new agreement utilize SimCorp Dimension across its entire range of assets, worth approximately EUR 23.5 billion.
Earlier this year, Norliv, a member association for the customers of Nordea Life & Pension, acquired 70% of the shares in Nordea Life & Pension, to establish a customer owned pension firm. Soon to be rebranded Velliv, under its new operational structure, the firm will work to provide its members a healthy work life and retirement. Having a robust and transparent front to back setup for managing its assets and maximizing the return on its customer’s investments has been crucial in the decision. The desire for a single system approach with holistic data management were also driving factors in the selection of SimCorp Dimension.
Anders Stensbøl Christiansen, CIO at Nordea Life & Pension, comments: “Committing to SimCorp Dimension is a significant step towards our goal of delivering increased value to our clients, both now and in the future. Having experienced the effectiveness of the system for a number of years as part of the Nordea Group, and seeing the continued dedication to research and development from SimCorp, we have no doubt this is the right solution for us. More so, the flexibility of the agreement gives us time to thoroughly assess our long-term deployment needs, whether that is on premise or as a service. That flexibility is invaluable and integral to our strong partnership with SimCorp.”
Hans Otto Engkilde, Managing Director of SimCorp UK and Northern Europe, comments: “It is a pleasure to be such an instrumental part of Nordea Life & Pension, soon to be Velliv. Their endeavor to optimize value for customers closely mirrors the philosophy at SimCorp. We are confident that SimCorp Dimension’s scale, efficiency and multi-asset class capabilities will deliver the means to fulfil that goal. Our partnership with Nordea Life & Pension has been successful for many years, and we look forward to continuing our journey together, as the firm re-establishes itself under a new brand.”
Enquiries regarding this announcement should be addressed to:
Mittal Shah, SimCorp PR UK/North America +44 207 397 8072 mittal.shah@simcorp.com
Anders Crillesen, SimCorp Corporate Communications +45 3544 6474 anders.crillesen@simcorp.com
About SimCorp
SimCorp provides integrated, best-in-class investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers and sovereign wealth funds. Whether deployed on premise or as an ASP solution, its core system, SimCorp Dimension, supports the entire investment value chain and range of instruments, all based on a market-leading IBOR. SimCorp invests more than 20% of its annual revenue in R&D, helping clients develop their business and stay ahead of ever-changing industry demands. Listed on NASDAQ Copenhagen, SimCorp is a global company, regionally covering all of Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com.
About Nordea Liv & Pension
Nordea Liv & Pension is the 3rd largest commercial pension company in Denmark with 340,000 customers, yearly contributions at approx. EUR 2.5 billion DKK and a total savings under management of approx. EUR 23.5 billion. 70 percent of the shares in Nordea Liv & Pension are owned by the Association Norliv and 30 percent are owned by Nordea. It is agreed that the Association Norliv will buy the last 30 percent within the next years. Nordea Liv & Pension was originally founded in 1919 under the name of Pensions- og Livrente-Instituttet af 1919 A/S.
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