FHLBank Partners with SimCorp

New York, Copenhagen – February 20, 2024 - SimCorp announces an eight-year partnership agreement with the Federal Home Loan Bank of Pittsburgh (FHLBank) to provide full front-to-back installation of its investment management platform, SimCorp Dimension.

FHLBank has selected SimCorp's platform to streamline workflows, facilitating the retirement of multiple legacy technology solutions currently used in critical operational tasks. This decision aims to simplify FHLBank’s day-to-day operations and aligns with its overarching cloud strategy.

“We are excited to partner with SimCorp,” says John Cassidy, Chief Technology and Operations Officer, FHLBank. "After a year of diligence to identify the right partner to meet our specific needs, SimCorp distinguished itself as the company most capable to execute our investment, data, operations and accounting strategy. SimCorp’s deep understanding of our business and their commitment to consistently developing solutions tailored to our system architecture were key considerations in our selection process.” 

With SimCorp’s platform serving as its technological backbone, FHLBank will consolidate workflows across key operational tasks, such as portfolio management, compliance, accounting, and processes related to debt issuances. Moreover, the solution will incorporate SimCorp’s specialized issuance and accounting processes, built uniquely for advances and letters of credit of the FHLBank System. 

This new partnership agreement underscores SimCorp’s commitment to continuously reinvest in its platform to deliver the solutions that meet the market and client needs. In addition to providing comprehensive back, middle, and front office functionality – key components include data management services and data warehousing built in conjunction with Snowflake, a cloud data platform provider.

“We are pleased to partner with FHLBank Pittsburgh and welcome them onto one of the strongest investment management platforms in the industry,” notes Oliver Johnson, Chief Revenue Officer at SimCorp. “This selection affirms our strategy of continuously reinvesting in our core platforms in a way that delivers innovative solutions which are purpose-built for our clients’ needs. This new partnership is a continued realization of SimCorp's growing footprint in North America.”

About SimCorp

SimCorp is a provider of industry-leading integrated investment management solutions for the global buy side.

Founded in 1971, with more than 2,800 employees across five continents, we are a truly global technology leader who empowers 40 of the world’s top 100 financial companies through our integrated platform, services, and partner ecosystem.

SimCorp is a subsidiary of Deutsche Börse Group.

For more information, see www.simcorp.com.

About FHLBank Pittsburgh  

FHLBank Pittsburgh provides reliable funding and liquidity to its member financial institutions, which include commercial and savings banks, community development financial institutions, credit unions and insurance companies in Delaware, Pennsylvania and West Virginia. 

FHLBank products and resources help support community lending, housing and economic development. 

As one of 11 Federal Home Loan Banks established by Congress, FHLBank has been an integral and reliable part of the financial system since 1932.  

Learn more by visiting www.fhlb-pgh.com

Media Contact:

Søren Rathlou Top, Global PR Manager, SimCorp 
Tel: +45 31 15 87 06
Email: [email protected]