NEW YORK, NY, February 26, 2004 -- Thomson Financial, an operating unit of The Thomson Corporation (TSX: TOC, NYSE: TOC) and leading provider of information and technology solutions to the worldwide financial community, and Wachovia Securities, LLC a unit of Wachovia Corporation (NYSE: WB) today jointly announced that they have signed a contract to develop a new, industry-leading, front to back office integrated solution for Wachovia Securities financial advisors. Wachovia Securities selected Thomson Financial as the preferred partner based upon its world-class technology framework, its superior trade processing capabilities and its development and integration expertise.
Thomson ONE will be installed on more than 19,000 desktops and Thomson Beta Systems will handle the trade processing for Wachovia Securities, which includes the integration of trade processing activities and the conversion of 6,000 desktops from the former Prudential Securities. Specific terms of the deal were not disclosed.
All Wachovia Securities financial advisors will benefit from robust market data, news and portfolio management tools via Thomson current product offerings, along with customer and transaction management capabilities available through Thomson BETA Systems and accessible through a fully integrated Thomson order and customer management desktop.
"Wachovia has a long and solid reputation for service excellence, so we are delighted that it has named Thomson as its chosen integration partner," said Lou Eccleston, President, Thomson Financialâs Global Sales, Marketing and Services Group. "Wachovia Securitiesâ investment in our Thomson ONE state-of-the-art financial desktop solution will ensure that its financial advisors have access to the premium content needed to maintain their leadership position in this challenging economic climate -- and long into the future."
"It is Thomson Financialâs breadth and depth of offerings, coupled with the scalability of our technology that allows us to meet the critical needs of our customers -- and with less investment on their part in terms of time, cost and operability," added Sharon Rowlands, President and Chief Operating Officer, Thomson Financial. "Our highly efficient Thomson ONE technology framework will incorporate components of their current systems with our premier data and trade processing capabilities to increase the level of efficiency for its financial advisors â and that is a true value proposition."
"We chose to partner with Thomson Financial on this critical initiative because of its world-class market data, and its advanced technology that enables a seamless integration of both systems into a single and comprehensive workflow solution," said Paul Costello, president of the Business Services Group of Wachovia Securities. "The end result will be a more robust system than either Prudential or Wachovia offered in the past, helping Wachovia financial advisors to be more competitive and offer superior service to their clients."