KLM Pensioenfondsenkantoor, the pension fund management arm of Netherlands airline KLM, has appointed Princeton Financial Systems (PFS) to a mutual funds investment management and accounting brief.
The KLM pension funds will use PFS's flagship STP-ready PAM investment systems in the management of three separate portfolios that KLM Pensioenfondsenkantoor administers for the airline's cabin crew personnel, pilots and ground staff.
US-based PFS says KLM is its third client signed in Europe this year and also becomes the third Netherlands based client, joining fellow Dutch investment managers Stichting Pensioenfondsen ABP and NIB Capital Asset Management.
KLM began the search for a system in mid-2000 after its existing system was no longer capable of meeting its changing needs.
It became apparent to us very quickly that the flexibility that PAM offered us was perfect in terms of the new pooling structure we were creating with our existing portfolios, said Paul Vermeulen, head of operations at KLM Pensioenfondsenkantoor.
This, along with the front-, middle- and back-office functionality that PAM offered, backed up by Princeton's utilisation of state-of-the-art technology, meant PAM was our first choice.
Princeton Financial Systems, an independent subsidiary of State Street Corporation, is a provider of investment management software systems for institutional investors worldwide.
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