SunGard says that Principal Funds, the mutual fund business of the Principal Financial Group, has upgraded to InvestOne Enterprise, SunGard’s investment accounting and reporting technology platform.
Principal Funds currently has over USD56 billion in assets and has been an InvestOne application service provider (ASP) customer since 1991. With the upgrade, Principal Funds migrated over USD33 billion in assets from a previous version of InvestOne and deployed USD22 billion in new assets to the InvestOne Enterprise platform. Principal Funds acquired the additional assets in the 2006 acquisition of WM Advisors.
“In the short time since our upgrade was completed, InvestOne Enterprise has enhanced the efficiency of our organisation. We have begun realising benefits through the easy-to-use interface and workflows built specifically around our business model,” says Layne Rasmussen, the vice president and controller of Principal Funds. “In addition to helping improve the way we work, the SunGard staff managed a seamless integration that was completed on time and on budget.”
“With InvestOne Enterprise, SunGard combines the product’s award-winning, next-generation technology with a proven and disciplined implementation methodology, helping enhance the value we can deliver to our customers,” adds Doug Morgan, the president of SunGard’s investment systems business unit. “We take great pride in our history of supporting Principal Funds and look forward to extending this relationship long into the future.”