A strategic shift to PORTMAN
A strategic shift to PORTMAN
Strong collaboration based on an honest and pragmatic approach, as well as an efficient investment management solution, which can be developed and extended as demands change. For Susanne Lundby, CFO and with responsibility for funds reporting in PensionDanmark, these are the most essential elements in a successful and long-standing collaboration with Vitec Aloc.
When talking to Susanne Lundby, one of the first things she mentions – with a great deal of emphasis –is the close and strong everyday collaboration with Vitec Aloc. “Success is not measured by the bumps along the road in the big projects – they are unavoidable. Instead, success should be measured by how problems are tackled. Are both parties standing with their contract in their hands, trying to blame each other? Or is the mood one of honesty and pragmatism? Is there a will and ability to compromise and move forwards? Luckily, in our collaboration, the latter is the case, and this is something we appreciate every day.”
In 2016, PensionDanmark decided to insource its portfolio administration, with all that this entails in terms of complicated daily registrations and valuations of financial instruments for a pension fund that manages about DKK 300 billion. This was not a minor decision that could be taken quickly. For the entirety of PensionDanmark’s lifetime, the investment management solution has been run by external partners – in other words, this was a case of an actual strategic shift.
They chose to use Vitec Aloc’s PORTMAN solution. “We already had a minor PORTMAN installation in-house and, for many years, we had been satisfied with the collaboration. It was therefore natural for us to quickly include PORTMAN in the pool of potential solutions”, says Susanne Lundby.
“PORTMAN is neither the biggest nor the most advanced portfolio management system in the world”, says Susanne Lundby. “However, we actually see this as a business advantage for PensionDanmark.”
PORTMAN is a modular solution. This means that, as the business grows and faces new demands, you can buy the module that covers that specific need. “And if that isn’t enough”, says Susanne Lundby, “Vitec Aloc can develop functionalities to match our needs”.
Another thing that means a lot to Susanne Lundby is that, in their daily collaboration, they receive the focus and attention they need
Vitec Aloc is big enough to handle the task, but, at the same time, they’re not so big that we don’t mean something to them
This has been the case right from the start. Throughout the entire implementation phase, in which special development of PORTMAN was required, the CEO of Vitec Aloc was part of the steering committee. “That gave us a feeling of being a big and important fish, which was much appreciated”, says Susanne Lundby.
Many might regard PORTMAN as being a pretty simple solution, especially in relation to the other big and complex alternatives on the market. However, following their analysis, PensionDanmark soon concluded that the PORTMAN solution fulfils all their needs and requirements. “The additional 20 percent, which some of the bigger solutions could offer, simply do not contribute to our business value in such a degree that it would be a reasonable business case for us”, says Susanne Lundby.
In contrast to many of the bigger alternatives, PORTMAN is a particularly open solution. It is possible to see what is hidden beneath the bonnet, so to speak. Perhaps even more importantly, however, it is also possible to connect PORTMAN directly to PensionDanmark’s other systems.
This has made working with performance measurement, risk control, and management- and accounting reporting much easier, which has freed up more time we can devote to the activities that are essential to our business
PensionDanmark has 752,500 members, who are employees of 26,000 private and public firms. They are covered by agreements between 11 unions and 29 employers’ associations.
The purpose of PensionDanmark is to help its members to have a long and good working life, as well as financial security in their retirement. In addition to the pension scheme, PensionDanmark offers a social security safety-net in the event of ill health or death, or if a person is forced to prematurely withdraw from the labour market, or needs help with continuing education.
If you have any questions, or would like to know more, please contact Chief Sales Officer, Mikkel Severin Lyngbye, at +45 29997141 or send us an email.Contact us