Press releases
Pax Asset Management chooses Xcloud
Pax Asset Management AG relies on the integrated investment management system XENTIS. It will be used front-to-back for portfolio management, insurance investment controlling and fund administration.
Zurich, 8 March 2022 | With the aim of establishing an automated system landscape that meets the highest regulatory requirements, Pax AM conducted a software evaluation between October 2020 and August 2021. After reviewing the functional and technical specifications and the requirements for specific modules, Pax AM chose XENTIS (Xcloud), which is operated by Profidata in the private cloud. The evaluation focused primarily on the system functionalities of portfolio management, reporting and regulatory reporting, accounting in accordance with Swiss accounting standards (Swiss GAAP FER) and the Swiss Code of Obligations (OR) in accordance with the SAP general ledger, as well as interfaces to existing custodian banks and Bloomberg as the primary market data provider.
Christian Zurfluh, Managing Director of Pax AM, is convinced: "The introduction of XENTIS as an end-to-end front-to-back solution not only fulfils the explicit goals of automation in the areas of portfolio management, pre-trade control, electronic trading & execution and performance monitoring, but also the implicit goals of Pax AM, namely increasing quality, reducing (technical) complexity while increasing the level of automation and avoiding operational risks. Pax AM is thus laying another foundation stone for achieving its ambitious growth targets." The solution, operated by Profidata in the private cloud, manages the Pax Group's assets of approximately CHF 9 billion.
"From the outset, it was important to us to ensure that a project of this kind, which undoubtedly involves risks, could be completed within the time frame and budget we had set. We are convinced that we have found the right business partner for this in the Profidata team."
"With Pax, another leading Swiss insurance company has decided to use XENTIS as its central asset management system. This not only strengthens our market position in the insurance segment, but also in the rapidly growing private cloud business," says Dr. Frank Jenner, member of the Profidata Executive Board, delighted about the acquisition of Pax AM as a new reference customer.
Pax Asset Management (Pax AM) is a wholly owned subsidiary of Pax Holding (cooperative). It was founded in 2019 and commenced operations in April 2020. Pax AM currently manages around CHF 9 billion in assets belonging to the Pax Group and unit-linked life insurance policies held by Pax policyholders. Pax Asset Management employs around 20 people with many years of experience and in-depth expertise in the investment and real estate business. Pax AM is based in Basel. Further information can be found at www.pax.ch/de/ueber-pax
Profidata Group
Founded in Switzerland in 1985, the Profidata Group offers standard software solutions for investment and wealth management. This offering is complemented by a rapidly growing, broad range of services in the areas of software as a service, consulting, implementation, training and support. Profidata is headquartered in Urdorf near Zurich. The company has offices and representatives in Frankfurt am Main, Saarbrücken, Luxembourg, London and Singapore.
Questions regarding this press release will be answered by
Dr Frank Jenner
Management
Profidata Group
In der Luberzen 40
8902 Urdorf
Switzerland
+41 44 736 47 47
frank.jenner@profidata.com
www.profidata.com
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