Princeton Financial Systems hire builds Frankfurt team
Princeton Financial Systems (PFS), a provider of portfolio management and accounting systems, has hired Frank Gärtner as product director in its Frankfurt office. He will be directly responsible for winning new business in existing markets and overseeing product consistency, as well as seeking out new global opportunities.
The hire in Frankfurt follows a recent push by the firm to expand its presence in Europe. In April, it made sales hires in Southern Europe, France and Germany and expanded its teams in the Frankfurt and Zurich offices.
Gärtner has more than 20 years of experience in product development for the asset management industry. Most recently he was in charge of the investment management team at Cirquent GmbH.
The appointment aims to meet the growing demand for investment management solutions that will cope with a flood of new regulation, such as Solvency II, the Foreign Account Tax Compliance Act and the Alternative Investment Fund Managers Directive.
A recent report compiled by KPMG, and published by the European Fund and Asset Management Association, says asset managers will have to increase data reporting to their insurance clients in order to satisfy the rigorous requirements of Solvency II. Companies that can provide such services will benefit from the rules as many investment managers choose to outsource their data reporting to external providers. Germany, whose institutional market is dominated by insurance companies, is strategically important in this respect.
PFS is owned by State Street, and serves more than 430 investment managers, custodians, insurance companies, pension funds, hedge funds and banks in more than 40 countries worldwide.