(PRWEB) September 08, 2011
Principal Funds, an affiliate of the Principal Financial Group, has extended its use of SunGard’s Asset Arena Investment Accounting, which will help with its growth plans by providing comprehensive support for a wide range of assets and fund structures.
Principal Funds has been a customer of SunGard since 1991, and chose to extend its relationship with SunGard because of Asset Arena’s ability to manage an organization’s unique workflow requirements and help automate critical accounting functions, such as portfolio valuation and daily accruals of income, expenses, fees and cash movements. Asset Arena helps asset managers and servicers identify and resolve operational risks, improve process efficiency and provide transparent reporting.
“Some of our biggest gains in efficiency and accuracy have come through the use of SunGard’s Asset Arena Exception Manager module, which helps our accounting team write business rules to automatically identify and resolve potential issues and errors,” said Layne Rasmussen, vice president and controller of Principal Funds. “Over the years we have relied on Asset Arena’s functionality and scalability, as well as SunGard’s proven delivery and support, and that drove our decision to expand the relationship.”
“We appreciate the rigorous evaluation processes that even existing customers have to go through during product selection, and it is a testament to the strength of Asset Arena’s proven reliability, and SunGard’s deep domain expertise and focus on customer service that Principal Funds has chosen to expand its relationship with us,” said Doug Morgan, president of SunGard’s institutional asset management business unit. “Principal Funds has experienced much growth over the last 20 years and has relied on SunGard to help support this expansion. The Asset Arena Investment Accounting platform has helped Principal Funds contain headcount, increase efficiency and control, and keep pace with regulatory demands.”
About Principal Funds
Principal Funds is a leading provider of mutual funds, with $71.2 billion in assets under management. Principal Funds brings expertise in global investment management, asset allocation and retirement leadership to financial professionals and investors. Including its target-risk and target-date offerings, Principal Funds is the fifth largest manager of lifecycle funds in the industry. The companies that make up Principal Funds are members of the Principal Financial Group®. For more information, visit http://www.principalfunds.com
About Asset Arena
Asset Arena is SunGard’s global suite of products and services for asset managers, institutional investors, and traditional and alternative fund administrators. Asset Arena supports the entire investment process, from portfolio management, risk management and compliance to investment accounting, transfer agency and client reporting. Combining deep functionality with broad business process management capabilities, Asset Arena helps investment firms manage complexity, increase efficiency, and respond quickly to changing business and regulatory requirements. For more information, visit http://www.sungard.com/assetarena.
SunGard is one of the world's leading software and technology services companies. SunGard has more than 20,000 employees and serves more than 25,000 customers in 70 countries. SunGard provides software and processing solutions for financial services, higher education and the public sector. SunGard also provides disaster recovery services, managed IT services, information availability consulting services and business continuity management software. With annual revenue of about $5 billion, SunGard is ranked 434 on the Fortune 500 and is the largest privately held business software and IT services company. For more information, visit http://www.sungard.com.
Trademark Information: SunGard, the SunGard logo and Asset Arena are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.