GLOBAL - State Street-owned Princeton Financial Systems has introduced an unlimited multi-base accounting tool as part of its existing PAM portfolio management and accounting system.
Historically, investment management firms have used several systems to process different countries’ local , tax, regulatory and consolidated accounting requirements.
The new tool aims to streamline this process and perform all of their accounting bases on one system.
Each basis can have its own chart of accounts with a complete set of rules determining the proper accounting treatment and valuation, and is updated simultaneously by the same transaction and in the same database.
PAM provides STP-ready front-to-back office functionality that can be licensed for in-house use or accessed via the Internet.
The Co-operative Group's Somerfield Pension Scheme has completed a buy-in with Pension Insurance Corporation (PIC), insuring the benefits of its pensioner members.
Caroline Rookes CBE and Michele Hirons-Wood have joined The Pension Superfund's board of trustees to focus on maintaining governance standards and safeguarding member benefits.
The first specialist independent firm advising pension schemes on bulk annuities or moving to a consolidator has been set up with ambitions to shake up the market.