AIM Software has secured its fifth customer in the Netherlands, a large European asset manager that is using the company’s GAIN Corporate Actions DM application to automate the processing of corporate actions.
AIM won the contract in a competitive selection process and was favoured on the basis of the application’s integration with SimCorp Dimension, the portfolio management system used by the asset manager, and its packaging as a business application that could be implemented quickly. Implementation, including integration with more than 20 custodians, was completed in less than three months and the software went live in May. The asset manager handles about 17,000 corporate actions a year, most of which were previously processed manually, and is experiencing 80% to 90% straight through processing of high volume events.
The asset manager says the integration of the GAIN enterprise data management platform with SimCorp provides an end-to-end solution for processing corporate actions, reducing operational risk, while improving efficiency. This enables the firm’s specialist staff to spend more time on complex corporate actions.
The AIM corporate actions software captures events from the Swift network using the ISO 15022 messaging standard, matches them to a second source of announcements from one of the asset manager’s data feeds, and validates the event data to deliver a high quality copy of the result to the SimCorp Dimension entitlement database.
Michael Walford-Grant, country manager, UK and Ireland, at AIM, says: “This is a good example of our business application approach to data management, which offers quick implementation and fixed prices to reduce the risk of overruns, accelerate return on investment and lower the overall costs of operation.”