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Storebrand axes legacy tech and finds €1m annual savings

Legacy_systemsNorway’s Storebrand Asset Management has consolidated its operational systems and expects to make €1 million of savings annually after decommissioning other technology.

The firm, which has €71 billion of assets under management, has implemented Simcorp’s Dimension system in its front office and integrated it with the same system that was already used in the middle and back offices.

SimCorp said its platform replaced a “large number of diverse, fragmented front-office systems, custom-built applications, Excel models and manual processes” that had accumulated over the years.

Systems that have been decommissioned include external risk and order management tools. Greater automation now sees a 58% reduction in Storebrand’s post-trade compliance issues.

Erik Kaland, chief operating officer of Storebrand Asset Management, said: “With a more standardised configuration and centralised architecture, we have not only significantly reduced operational risk and cost of ownership, but equally important, positioned ourselves strongly, as we continue to seek new market and growth opportunities.”

In October last year, Storebrand Group announced it had bought Skagen – a deal that quadrupled Storebrand Asset Management’s share of the Norwegian private funds savings market from 4% to 17%.

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