State Street and SimCorp Announce Intended Business Partnership, with Front-to-Back Investment Outsourcing Solution for EMEA Insurers
Strategic Business Partnership Demonstrates State Street and SimCorp’s Commitment to Insurance Clients in EMEA, with a Complete Front-to-Back Outsourcing Solution through the State Street
October 12, 2020 —State Street Corporation (NYSE: STT) and investment management solutions and service provider, SimCorp (OMXC25: SIM), today announced their intent to form a business partnership to provide a premier, fully integrated, front-to-back investment outsourcing solution for insurance firms in Europe, Middle East and Africa (EMEA).
EMEA-based insurance companies will have access to SimCorp Dimension’s cloud-based, multi-asset class capabilities, advanced accounting functionality and managed services, together with State Street’s leading data management, middle office and custody services on State Street’s AlphaSM platform. Consistent with the Alpha platform commitment to provide clients access to leading capabilities through an open architecture, this partnership will integrate SimCorp Dimension with State Street’s proprietary software solutions, including Charles River Development.
The solution comes as EMEA insurers face increasing pressure due to low returns, a decline in interest rates, increased regulatory burden and rising technology costs. The new partnership from State Street and SimCorp addresses operational efficiency, delivering improved accuracy and timely, high-quality, multi-asset data for their full front-to-back operations. The integration of SimCorp Dimension with State Street AlphaSM fully addresses what has historically been a fragmented, expensive and time consuming process across the investment lifecycle.
“This new offering will provide a significant competitive advantage for our insurance clients in the region,” said Jörg Ambrosius, head of Europe, the Middle East and Africa at State Street. “This partnership is an example of the open architecture and flexibility that our Alpha platform provides and our commitment to working with SimCorp as a strategic partner to offer the best solutions to our clients.”
“We welcome the new business partnership with State Street,” said Jochen Müller, chief commercial officer at SimCorp. “We are pleased that State Street is expanding the use of SimCorp Dimension in their European business and we are impressed how open they want to be in their Alpha Platform, also accepting the complete SimCorp Solution to deliver their services.”
Contact: State Street
+44 (0) 203 395 2673
+44 (0) 207 397 8072
About State Street Corporation
State Street Corporation (NYSE: STT) is one of the world's leading providers of financial services to institutional investors including investment servicing, investment management and investment research and trading. With $33.52 trillion in assets under custody and/or administration and $3.05 trillion* in assets under management as of June 30, 2020, State Street operates globally in more than 100 geographic markets and employs approximately 39,000 worldwide. For more information, visit State Street's website at www.statestreet.com.
* Assets under management as of June 30, 2020 includes approximately $67 billion of assets with respect to which State Street Global Advisors Funds Distributors, LLC (SSGA FD) serves as marketing agent; SSGA FD and State Street Global Advisors are affiliated.
SimCorp provides integrated, best-in-class, multi-asset investment management solutions to the world’s leading asset managers, fund managers, asset servicers, pension and insurance funds, wealth managers, central banks, sovereign wealth funds, and treasury. Deployed on premise or in the cloud, SimCorp’s core solution, SimCorp Dimension®, alongside SimCorp Coric®, SimCorp Gain™, and SimCorp Sofia™ form a powerful and complete solution. Together with a range of managed services, they support the entire investment life cycle, based on a market-leading IBOR. SimCorp invests around 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, with regional offices across Europe, North America, and Asia Pacific. For more information, please visit www.simcorp.com.
This News Release contains forward-looking statements within the meaning of United States securities laws, including statements about State Street and Simcorp’s plans to forge a strategic partnership, which partnership is subject to completion of definitive agreements, approval of applicable boards and shareholders and customary regulatory approvals. Forward-looking statements are often, but not always, identified by such forward-looking terminology as “will,” “"priority," “objective,” “designed,” “plan,” “strategy,” “expect,” “believe,” “anticipate,” “intend,” “estimate,” “seek,” “may,” “trend,” and “goal,” or similar statements or variations of such terms.
These statements are not guarantees of future performance are inherently uncertain, are based on current assumptions that are difficult to predict and involve a number of risks and uncertainties. Therefore, actual outcomes and results may differ materially from what is expressed in those statements, and those statements should not be relied upon as representing expectations or beliefs of State Street or Simcorp as of any time subsequent to the time that this News Release is first issued. Important factors that could cause actual results to differ materially from those indicated by any forward-looking statements are set forth in the 2019 Annual Report on Form 10-K of State Street and its respective subsequent SEC filings. We encourage investors to read these filings, particularly the sections on risk factors, for additional information with respect to any forward-looking statements and prior to making any investment decision. The forward-looking statements contained in this News Release should not by relied on as representing our expectations or beliefs as of any time subsequent to the time that this News Release is first issued, and we do not undertake efforts to revise those forward-looking statements to reflect events after that time.
© 2020 State Street Corporation - All Rights Reserved