Forum Accounting Services, LLC, a subsidiary of Forum Financial Group, a global service provider to the investment fund industry headquartered in Portland, Maine, and SunGard Investment Management Systems, an operating group of SunGard, announced today that Forum has licensed SunGard’s INVEST ONE investment accounting solution. Forum will convert more than $30 billion in client assets to the system this year.
John Keffer, Forum’s president, comments, “Forum selected INVEST ONE because it is a proven, stable, Web-deployed system, offering complete data access and automation. The system’s scalability is well suited to handle our future growth and our clients’ expansion both domestically and abroad. SunGard’s excellent track record of technical and professional service complements our own service-oriented environment. With INVEST ONE, we have another outstanding tool to deliver the superior service and Web-based technology expected by our clients worldwide.”
During the first phase of its INVEST ONE operations, Forum is accounting for 30 funds with combined assets of over $7 billion, with SunGard acting as an application service provider. Later this year, operations will transition to Forum-owned hardware managed by SunGard through a facilities management arrangement. “Processing on dedicated hardware will maximize our flexibility to control system job schedules, and to customize our operations to best meet the needs of each client” said Ben Niles, Forum’s director, business planning.
“We are pleased that a quality service organization like Forum is implementing a full suite of INVEST ONE functionality to support and further grow their business” said David Foster, president of SunGard Investment Management Systems. INVEST ONE currently processes nearly $8 trillion in portfolio assets for clients in 20 countries. INVEST ONE processes investment accounting for over 175 mutual fund groups, 11 of the world’s top 50 banking companies, 16 of the top 20 U.S. banks, and many of the world’s largest pension plans and offshore funds.