Fairfax Financial Holdings, a Toronto-based investment management and insurance company, has selected ePAM, Princeton Financial Systems' online suite of money management and trading applications.
The company will be using ePAM at all of its sites, replacing a blend of proprietary and vendor applications. Executives from the firm declined to comment, but a Princeton Financial representative explains that the firm's major focus in its search for new investment management systems was centralized data.
"Fairfax was looking to replace multiple systems around the world to have a centralized database so they didn't need to re-key trade information separately and maintain separate systems at each of their subsidiaries," the spokeswoman says. "They really wanted consolidated reporting."
As a totally online, outsourced solution, Fairfax portfolio managers will access the ePAM suite via a standard Web browser, which routes them directly into Princeton's own data center. ePAM will also allow Fairfax to cut its hardware and IT spending. In its search, the firm considered a number of solutions, including one from SS&C Technologies, but the spokeswoman could not say why the firm elected to go with Princeton.
Along with the investment accounting and portfolio modeling engine, Fairfax will be using Princeton's trade order management, compliance, cash management, import and market data modules. The cash management module will allow Fairfax to automatically reconcile its positions with custodians from within the accounting system. Fairfax will utilize the import module to integrate exterior data sources within the PAM system.
Hamblin Wasta Investment Council, a Fairfax subsidiary that provides discretionary investmentManagement to the insurance, reinsurance and runoff subsidiaries of Fairfax and pension funds, will be utilizing all of the ePAM tools, while its insurance subsidiaries will rely mainly on the accounting system.
The spokeswoman says that Fairfax and Princeton are still ironing out the final plans of the phased, rollout schedule and could not specify when the firm will be completely live with ePAM.