11 April 2011
Sweden’s IPM Taps DataArt to Build Pre-Trade Risk Analysis System
A-Team Group, a premiere news outlet for Financial IT executives in Electronic Trading and Risk Management Technology segments, followed up with DataArt’s Alexei Miller and IPM’s Anders Lindell to discuss the engagement in more detail. “IPM’s decision to farm out development of the risk platform to DataArt – one of four projects that the developer is currently undertaking for the firm – also appears to underscore a recent willingness particularly among alternative investment firms to outsource IT tasks.”
“DataArt has completed development of the portfolio risk management and scenario analysis system at IPM, which has some $8 billion under management mostly for pension funds, sovereign funds and other institutional clients. The firm provides currency management, equity management, and commodity and multi trading strategies.
According to Anders Lindell, Executive Vice President at IPM, the firm had decided to seek outside help to address scalability issues for its largely proprietary trading and investment set-up. “We wanted to modernize our in-house systems to ensure a higher degree of stability,” he says. “We had a choice: rebuild ourselves or use professional help. The choice is obvious for a project like this.”
IPM engaged DataArt after finding the company through an Internet search and a subsequent multi-vendor screening process. Although, being based in Stockholm, IPM was “outside of our reference circle,” says DataArt EVP Alexei Miller, DataArt’s offshore development facility in St. Petersburg proved to be a plus, providing relatively close proximity to IPM’s headquarters and data centre.”