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One of America's Top 3 largest global banks goes live with AIM Software's GAIN data management for Wealth Management

AIM Software, the leading independent provider of data management business applications for the financial services industry, announced today that the wealth management division of a global Wall Street bank with $1.5 trillion AuM went live with GAIN Security Master to support the company's global data operations.

Following a comprehensive evaluation and selection process, AIM Software were chosen. "We selected AIM due to a combination of its track record within the Wealth Management and Private Banking industry, its knowledge of our business, and its Business Application approach to data management which allowed us a very fast initial implementation”, commented a Vice-President at the Global Wealth Management Operations unit.

The Wealth Management division is using GAIN to centralize and streamline front-to-back operations such as the on-boarding of new securities. The system creates golden copies of securities from multiple data vendors including Bloomberg and IDC, and selects the most suited data source for tax data, ratings etc. This has enabled the firm to reduce operational costs, improve client service, and ensure consistent high quality data across its suite of services for private clients from 69 locations across North America, Europe and the Asia Pacific region.

Josef Sommeregger, Global Head of Business Development & Strategy at AIM Software, said: "Investment and wealth management firms are under an enormous pressure to reduce their costs. Centralizing securities operations is a challenge that requires the support of an enterprise data management (EDM) platform with enough flexibility to address the ever increasing pressure from regulations and business imperatives, including the local taxation regimes. We feel this is a further endorsement of AIM's business application approach to data management, providing our clients measurable Business Outcomes within a shorter timeframe and with lower project risk than alternative approaches. The solution was configured and ready for client testing in less than three months”.