12 May 2016
Kuwait, September 18, 2015 - Following a rigorous and lengthy selection process, NIC and IDS have signed a contract for the implementation of an extensive Wealth Management solution (VESTIO) at NIC. IDS was selected among a handful of elite companies in this domain based on VESTIO’s wide coverage of NIC’s needs and requirements, a solid customization and implementation plan, and the in-depth business knowledge we provide.
The implementation process, which extends a little over one year, comprises data migration and the online integration with several existing applications at NIC including Accounting, SWIFT, and the “NICe360” multi-market trading platform.
"The implementation of VESTIO at NIC will simplify our internal daily work, implement the transactional systems through multiple departments at NIC, provide users and stakeholders with easier access to more reports, and provide our team of experts with more visibility using thorough and integrated operational tools like rebalancing.” says Mr. Abdul-Mohsen Qarooni, Assistant General Manager, IT and Online Trading.
VESTIO is FATCA compliant and rich with several key functionalities such as the fully dynamic maker checker with STP approach, cross entities alert builder, risk measurement tools, shareholder registry, portfolio performance measurement, portfolio modeling, rebalancing, and online user access to reports through web-services.
“We are very proud to be working with NIC, a regional leader and highly reputable investment company, and look forward to raising the WM solutions standards in the region through this cooperation.” says Eng. Sami Slim, Executive Partner at IDS.
Established in 1987, National Investments Company (NIC) is a leading Kuwaiti investment house publicly traded on the Kuwait Stock Exchange, and licensed and regulated by the Central Bank of Kuwait. NIC's activities include fund and portfolio management, corporate finance, private equity, real estate investments and treasury services.