Investment technology specialist SimCorp has set up a new business in Luxembourg in order to target global custodians and fund administrators.
SimCorp has appointed Mhamed Zlitini to lead the business as a senior sales manager in a newly created role, as it looks to scale operations and increase its local presence in the Luxembourg market following recent custodian and asset servicer agreements.
Zlitini will be responsible for the rollout of its flagship SimCorp Dimension product, which allows firms to consolidate their custody and fund administration activities on one platform, and gain access to certain front-and middle-office services.
“The buy-side industry needs consolidation, and this is no different for custodians or fund administrators,” said Hanns Otto Engkilde, managing director, SimCorp UK, Northern Europe and Middle East.
“Having established a compelling offering for Luxembourg, we are confident that our strong global position and integrated approach can help many institutions address their infrastructure, to achieve the cost efficiencies they need and the competitive edge they desire.”
The new business builds on the agreements it signed last year, including, Netherlands-based KAS Bank as its first custodian participant to the platform, and Societe Generale Securities Services which launched its front-to-back outsourcing service, CrossWise, based on the SimCorp Dimension platform.
SimCorp Dimension is used by nearly half of the 100 global asset managers, supporting their front-, middle- and back-office operations.
The new business in Luxembourg will help SimCorp increase its user base by adding firms whose business models have traditionally relied on outsourcing their investment operations.