SunGard, a leading provider of software and processing solutions for financial services, today announced that it has aligned its Financial Systems businesses by industry sector organized in two divisions.
Jim Ashton will be responsible for businesses focusing on benefit administration; brokerage and clearance; energy; insurance; trading; wealth management; and workflow and business processing.
Harold Finders will be responsible for businesses focusing on alternative investments; banking; capital markets and investment banking; corporates and treasury; institutional asset management; and Asia-Pacific-based businesses.
Cristóbal Conde, president and chief executive officer, said, “We have simplified our organization to make it more scalable and agile, and easier to do business with. We are breaking down the silos between our business units in order to align more closely with our customers’ unique strategies, to better coordinate our global sales and professional services organizations, to facilitate integration between our products and to improve our industry insight and responsiveness.”
Mr. Conde continued, “Our priority is to drive the top line by capturing growth opportunities in evolving industry sectors. We are making this transition at a time when SunGard’s Financial Systems business has great momentum. We have a deep bench of entrepreneurial managers who are ready to take on the next challenge. SunGard’s Financial Systems business is in a very strong competitive position and aligning by industry sector will make it even stronger.”
SunGard’s Financial Systems business had 2006 revenue of $2.1 billion of which 28% was attributable to Europe, Middle East & Africa and Asia-Pacific. In 2006, SunGard was ranked as the number one technology provider to the capital markets industry in the American Banker/FinTech 100. SunGard’s Financial Systems business supports more than 16,000 customers including the world’s 50 largest financial institutions ranked by assets. In 2006, SunGard’s Financial Systems business completed ten acquisitions valued at $163 million. SunGard’s Financial Systems business has more than 8,000 employees including more than 1,200 developers in India and China and 300 consultants in SunGard Consulting Services.
Mr. Ashton, who is based in Wayne, PA., was previously group chief executive officer, SunGard Trading, Treasury & Risk Management since January 2005. He served as group chief executive officer, SunGard Trading & Risk Systems from 1999 to January 2005 and group chief executive officer of SunGard Treasury Systems from 2003 to 2005. From 1997 to 1999, he served as senior vice president and general manager of a wealth management systems business that SunGard acquired in 1997.
Mr. Finders, who is based in Geneva, Switzerland, was previously group chief executive officer of SunGard Europe since January 2005. From 2001 to January 2005, Mr. Finders headed the SunGard Investment Management Systems businesses based in Europe. From 1996 to 2001, he held various senior management positions with SunGard overseeing a number of SunGard’s European investment support systems businesses. Mr. Finders headed a Geneva-based wealth management systems business that SunGard acquired in 1996.
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