Northern Trust is entering into a partnership with Pendo Systems, a provider of financial accounting services. Under the terms of the agreement, the companies will work together to deploy an accounting and financial reporting outsourcing solution to Northern Trusts insurance clients, using the Pendo Systems BasisPoint investment accounting software.
As insurance investment portfolios take on more complex strategies, Northern Trust is committed to supporting those clients with the highest level of financial reporting, trade processing and full-service outsourcing, says Sheldon Woldt, head of the Insurance Client segment, Northern Trusts asset servicing business.
Our agreement with Pendo Systems will help us meet the evolving demands of our clients with an efficient, adaptable solution that can be deployed on Northern Trusts single, global technology and operations platform. Northern Trust has a long history of providing accounting services to its custody clients, and we are pleased to expand this capability to the insurance industry by offering a full statutory investment accounting solution, added Woldt.
Pendo Systems core product, BasisPoint, is a global, enterprise-grade investment accounting engine that is designed to support clients with a multi-currency investment portfolio, a multiple book of record, and a multi-company structure. It incorporates a full suite of process modules to manage investment trading and operations from the front office through to the back office. The BasisPoint software is Microsoft-based and features a functionality that provides processing and the flexibility to support complex investment strategies. Northern Trust plans to roll out this product to clients over the next several months.
BasisPoint from Pendo Systems is the first investment accounting solution based on Microsoft technology to emerge as the market leader. We have been working with Pendo since its inception, and BasisPoint is an important element in our overall strategy for capital markets and the next stage of our insurance offering, says Bill Hartnett, head of insurance, Microsoft.
“We are delighted to announce our relationship with a premier global custodian such as Northern Trust. Both Northern Trust and Pendo Systems place significant emphasis on customer service, so our two brands are aligned to create a superior experience for clients,” says Pamela Pecs Cytron, CEO, Pendo Systems.