Storebrand Asset Management, a Norwegian private asset manager with €71bn in assets, has consolidated its operational systems using technology from SimCorp.

The asset manager has deployed SimCorp’s front office and fund management solutions and integrated them with the SimCorp Dimension technology used in its middle and back offices.

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“Within the front office, Storebrand’s fixed income, currency and equities teams are now live on SimCorp Dimension, running both active and passive investments across the entire range of financial instruments,” SimCorp said.

The consolidation is said to “significantly” reduce operational expenses and optimise investment activities such as risk management and post trade compliance.

According to the vendor, the replacement of manual solutions has led to a 58% reduction in post trade compliance breaks.

The move is also said to offer Storebrand annual savings of €1m from decommissioned systems such as external risk and OMS/EMS, which have been replaced by SimCorp Dimension.

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The vendor further said that its fund solution has enabled the asset manager to improve straight through processing for all funds, reduce time spent on error management, and achieve faster time to market.

Storebrand COO Erik Kaland said: “In a relatively short period of time, SimCorp has helped to completely transform our front office and fund platforms, successfully replacing our legacy systems with a far superior and automated platform, across front to back.

“With a more standardised configuration and centralised architecture, we have not only significantly reduced operational risk and cost of ownership, but equally important, positioned ourselves strongly, as we continue to seek new market and growth opportunities.”