The State Oil Fund of the Republic of Azerbaijan (SOFAZ) has successfully completed the implementation of SimCorp Dimension.
The solutions provider says this 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 have increased from less than US$ 1.5 billion 10 years ago to over $34 billion 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.