Mawer Investment Management picks SimCorp Dimension

Mawer Investment Management has selected SimCorp Dimension as its front-to-back asset management platform.

Mawer manages $67 billion in assets

SimCorp says the firm wanted to simplify its systems landscape and “streamline key investment workflows”.

Dimension is deployed for Mawer’s order execution, portfolio management, compliance and corporate actions, and settlement.

The system also provides a live view of the firm’s Investment Book of Record (IBOR) and Accounting Book of Record (ABOR).

Founded in 1974, Mawer manages CAD 67 billion ($50.8bn) in assets for individual and institutional investors.

Colin Zvaniga, chief operating officer at the company, says it undertook a “thorough evaluation of the market”.

“SimCorp’s integrated, single platform will help drive the operational efficiency and resiliency required for future growth,” he adds.

Mawer signed on the dotted line in Q1 2020, with revenue recognition expected in Q3 2020.

Rising costs

James Corrigan, executive vice president and managing director for SimCorp North America, says Mawer joins a “growing” number of SimCorp customers in the region.

Corrigan sees the deal as an indication of a wider trend across North America. Asset managers are seeking to consolidate their front-to-back processes to combat costs, regulation, and more.

Speaking to FinTech Futures, he notes that, “rising ops costs, margin compression, the continual fee squeeze and the gauntlet of regulation, asset managers now need to deliver more value at less cost.”

“This necessitates more flexibility and less operational hassle going forward. To achieve this, there will need to be a significant shift to investment operations, starting with consolidation of systems, towards one front-to-back platform.”

SimCorp signed two cloud-focused deals earlier this year to outfit its Dimension system on the cloud. Last month, the firm signed a deal with Microsoft to deliver Dimension via the Azure platform.

In February it agreed a separate cloud partnership with GlobalLogic to add “additional software engineering expertise”.

Related: Deutsche Bank and SimCorp extend Dimension partnership in Asia Pacific

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