SimCorp, a leading provider of investment management solutions and services for the global financial services industry, today announced that the State Oil Fund of the Republic of Azerbaijan (SOFAZ) has successfully completed the implementation of SimCorp Dimension.

The implementation provides SOFAZ with a fully integrated portfolio management, investment book of record (IBOR), and accounting system, covering front, middle, and back office, which allows the sovereign wealth fund to automate and streamline its financial portfolio management activities.

Israfil Mammadov, Deputy CEO at SOFAZ, said as the Oil Fund grows, SOFAZ will continue to diversify our investment portfolio: “In the future we are planning to introduce new asset types to our portfolio including non-traditional, complex investments. With SimCorp Dimension operational, we have the tools in place to support our continued growth efficiently. Furthermore, the manner in which the implementation project has been accomplished, on time and on budget, gives us confidence that SimCorp will be a very effective partner going forward."