CUNA Mutual Group Aligns with Profitstar, Inc. to Provide More ALM Options
MADISON, Wis. - CUNA Mutual Group has linked up with Omaha, Neb.-based Profitstar Inc., to expand its array of asset-liability management and profitability software solutions for credit unions. CUNA Mutual will recommend Profitstar as a new ALM option for existing clients while it phases out support of Model Management over the next 18 months, said Tom Merfeld, CUNA Mutual senior vice president of Credit Union Financial Solutions. CUNA Mutual has offered its Model Management program since 1983 and currently has 350 credit union clients. Meanwhile, Profitstar will offer CUNA Mutual's Investment Advisory Services and investment products, such as CU System Funds, to its credit union clients, said Bill Goedken, Profitstar president/CEO. The organizations will work together to offer training and education to the combined credit union client base, he added. Profitstar, established in 1984 and currently serving more than 2,000 clients, helps financial managers implement change and improve their decision-making process regarding risk and profitability. Merfeld said CUNA Mutual's credit union clients will have access to an open architecture with multiple ALM options such as its ALM Outsource, Profitstar and Farin & Associates. "Over time, CUNA Mutual will focus more on education and consulting, as well as balance sheet and investment management solutions, which will allow us to serve a broader range of clients," Merfeld said. The relationship also enables Profitstar to offer additional balance sheet management solutions to its clients.