SimCorp 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.”