1-Dec-01
Luzerner Kantonalbank (LUKB), Switzerland’s 12th largest banking organisation, has been formally certified SPPS compliant for its discretionary portfolio management business. LUKB is the first of many Triple'A customers carrying out SPPS projects to obtain SPPS certification. This is the result of an innovative implementation plan that involved Odyssey SPPS specialists, the bank’s own staff and PriceWaterhouse Coopers.
Swiss Portfolio Performance Standards (SPPS) is the Swiss version of GIPS, the internationally accepted standard for formalising the principles, methods of calculation and presentation of portfolio performance. Odyssey is delighted to have been a part of LUKB’s new competitive advantage and looks forward to working closely with the bank to further improve the Triple'A compliance solution, in pace with future SPPS requirements.
Dr Christof Strässle, Head of Private Banking and Institutional Clients at LUKB commented, “SPPS compliance is key for the transparent presentation of portfolio performance to our clients. Compliance with the Swiss national standard underlines our commitment as an institution in achieving the highest quality standards for portfolio management and presentation.”
“Odyssey was a key player in implementing a robust solution for SPPS, by providing both a solid platform through their Triple'A front office solution, and an experienced team of business consultants from the company’s Zurich office.” said Thomas Lammer, Vice Director and manager of the LUKB Portfolio Management Division.
This certification greatly strengthens the position of LUKB as a pioneer in the discretionary portfolio management sector in the Swiss market and as one of the country’s top 4 cantonal banks.
Odyssey’s Composite Manager solution is employed as an integral part of the SPPS implementation and certification process. It can also be used to help financial institutions become compatible with other international performance presentation standards such as the US AIMR-GIPS PPS.