Global factsheet production across multiple domiciles. End users are marketing and reporting teams based in London, Des Moines, and Sydney.
Vermilion Reporting Suite as the core fact sheet platform, with the Vermilion Report Mart in a hosted environment.
Benefits include standardization, improved service level, consolidation, scalability, and oversight.
The Principal Financial Group® (The Principal®) is a global investment management firm. Based in Des Moines, The Principal offers businesses, individuals, and institutional clients a wide range of financial products and services (including retirement, asset management, and insurance), through its diverse family of financial services companies. Its asset management arm, Principal Global Investors (PGI), manages assets for sophisticated investors around the world. The PGI network of specialized investment boutiques offers expertise in fixed income, equity, and real estate investments as well as currency management, asset allocation, stable value management, and other structured investment strategies.
In 2013, Vermilion began a project to automate factsheet production for PGI in Europe. After this Phase 1 project was implemented, both parties developed a new Target Operating Model. The automation of factsheets for the U.S. and Australia was planned as a Phase 2 project.
Vermilion was chosen due to:
Given the critical mass of resources in the U.S. on the PGI side, Vermilion opted to tackle the Phase 2 project through its U.S. operations team. An additional benefit of this approach was to develop VRS expertise among PGI’s reporting team in Des Moines. In August 2014, Vermilion was given the go-ahead on Phase 2 and began its analysis in earnest.
While Vermilion transitioned the relationship over to the U.S., its team participated in monthly steering committee calls to understand the issues and offer practical solutions.
Although the reporting team is U.S.-based, the hosting was originally provided in the EU. Vermilion moved the hosting over to North America in Q2 2015.
“We chose Vermilion because they provided all the functionality we needed,” said Christopher Reddy, Executive Director of Marketing, Product, and Business Development at PGI. “Vermilion also had the ability to offer a full client reporting solution and we are now actively reviewing that service as well.”