According to Bob Zangrillo, Chairman & CEO of NorthStar, "This is a partnership driven by the needs of the industry. Customers have been clear: they want an integrated front-to-back office wealth management platform that provides best of breed application functionality to their advisory teams. IDS’s recognized capabilities in portfolio accounting and performance measurement are a perfect complement to the NorthStar's front-office suite of advisory applications. The combination of IDS and NorthStar will speed customers time to market as well as reduce the costs and risks associated with the integration of front-office and back-office functionality."
As a result of this agreement, the companies plan to deliver joint product integration between NorthStar’s suite of advisory desktop applications and the IDS GIM portfolio management and performance solution in the second quarter of 2005. Both companies plan to market this offering, which will span investor profiling, wealth and financial planning, investment selection, portfolio construction and analysis, portfolio accounting, performance measurement and client review – the critical components of an integrated wealth management offering.
"Together, IDS and NorthStar will provide the investment industry with the best of both worlds: top-tier portfolio accounting and performance data fully integrated into the advisory desktop," said Don Totter, Chairman and CEO at IDS. "By integrating two of the leading wealth management providers, this partnership will create a one-stop-shop for the complete wealth management lifecycle, resulting in improved productivity, client satisfaction, and firm profitability."