Princeton Financial Systems, one of the biggest developers of software for fund managers, has made its first foray into the growing fund management industry in South Africa.

The company last week signed a deal with Johannesburg-based Nedcor Bank to use Princeton's Portfolio Asset Management (PAM) system for securities and mutual funds. The system will be used to service the Government Employee Pension Fund (GEPF), the largest in South Africa with assets of about R230bn (&euro25bn).