Linedata Services says Scottish Equitable has extended use of its Icon fund accounting and valuation platform to Dublin.
Scottish Equitable, now part of the AEGON Group, set up in Dublin in 2002 to expand the range of products it could offer, particularly to investors in the UK.
Scottish Equitable had previously used Linedata Services’ Icon on a fully in-house basis to run its operations out of its Luxembourg site. Following the selection of Icon for its Dublin operation, it has decided to maintain dedicated databases for both sites with Linedata Services on a facilities-managed basis. It has also purchased a disaster recovery service.
“We have a good relationship with Linedata Services and we are happy with Icon, so it made sense to extend the use of the product to our new Dublin office,” says Stephen Bishop, General Manager for Scottish Equitable International (Dublin). “We had used Icon as a fully in-house system before, but, with multiple sites, we decided to adopt a facilities-managed approach. This means that Linedata Services handles the IT hardware and system administration, minimising our IT costs and day-to-day overheads.”
Richard Scott, Head of Sales for Linedata Services (UK) Ltd, said that although Icon has traditionally been labelled as a UK fund accounting system, the Irish implementation by Scottish Equitable meant it was now used in ten countries.
Linedata says over 80 organisations use Icon to manage pension, insurance and collective investment funds with structures including inter-investing fund hierarchies, umbrella funds, fund of funds and master/feeder funds.