Press Release
People's Bank and Principia Partners Sign License Agreement
New York, November 16, 1998 – Principia Partners, the rapidly
growing provider of turnkey, dealer-developed software for the derivatives
and fixed-income markets, today announced that People's Bank of Connecticut
has become a client. People's Treasury/Investment Group has licensed
the Principia Analytic System (PAS) to help manage and hedge the
bank's balance sheet, with an emphasis on interest rate risk management.
"As genuine end-users of derivatives, not dealers, we were eager to put in place a system which could be implemented in a turnkey fashion and help us value a full range of transactions," said Deborah S. Asetta, vice president, Interest Rate Risk Management in the Treasury/Investment Group of People's. "Early in our search, PAS distinguished itself with the range of instruments it can accommodate and the reputation it has for ease of use. To date, we are very pleased with our experience. The system was implemented quickly and is now adding real value to our efforts."
Theresa L. Adams, principal and a founder of Principia Partners, noted, "We are delighted to be working with a highly successful institution such as People's. Having proven its robustness for dealers and traders, PAS is increasingly becoming the "tool of choice" for a wide range of end-users as well. This important client group values the system's unparalleled user accessibility, explicit risk management capabilities with a strong emphasis on credit exposure, and broad instrument coverage."
About People's
Founded in 1842, People's is a diversified financial services company providing commercial, consumer, insurance and investment services, and is the largest independent bank in Connecticut. With managed assets of more than $11.8 billion, 125 branches and 196 ATMs, People's is a leader in commercial lending and services, residential lending, Savings Bank Life Insurance sales and supermarket banking. An international credit card issuer, it ranks 24th nationally as a provider of MasterCard and Visa. People's subsidiaries offer discount brokerage through People's Securities, Inc., money management through Olson Mobeck & Associates, Inc., equipment leasing through People's Capital and Leasing Corp., and insurance services through R.C.Knox and Company, Inc.
About Principia Partners
Principia Partners, headquartered at Harborside Financial Center in New Jersey, was founded by a group of finance and technology professionals who have over a century of combined experience in the financial markets. From this expertise in trading, operations, systems and risk oversight comes the framework for the Principia Analytic System (PAS), the company’s front-to-back office solution for trading and portfolio management in the derivatives and fixed-income markets. PAS includes a complete set of robust risk management tools to value portfolios and evaluate risk under expected, historical and stressed conditions. The turnkey system, which is distinguished by its ease of installation, is used by derivatives dealers, commercial banks, insurance companies, investment banks, money managers, hedge funds and government agencies. For information on Principia, see www.ppllc.com.
For press information contact:
Shamira Alidina
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London W1B 2BP
shamira@write-image.co.uk
Tel: + 44 (0) 20 7959 5450
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