SunGard Launches Account Aggregation for Bank and Trust Wealth Managers

Wayne, PA - 8 June 2009

SunGard has launched account aggregation capabilities to provide wealth managers with holistic views of their clients’ accounts and holdings, and generate consolidated reports on their clients’ assets. By linking SunGard’s wealth management solutions for trust accounting, portfolio management, compliance and performance reporting with Advent Custodial Data (ACD), Advent Software’s solution for managing and reconciling portfolio information, SunGard is helping wealth managers at bank and trust institutions establish and strengthen client relationships, and comprehensively address their clients’ investment needs.

Wealth management clients are looking for a holistic approach to their investment, tax and risk profiles. In addition, as unified managed accounts and households become more prevalent, the need for data consolidation is growing as the core component for accurately representing aggregate views of clients’ assets. The time consuming process of manually collecting data, and the cost of building and maintaining in-house data aggregation systems, has become unmanageable for firms serving higher net worth clients with greater volumes of held away assets.

Alois Pirker, senior analyst at Aite Group, said, “Providing holistic wealth management is a key differentiator for financial advisors, particularly registered investment advisors and trust companies, who continue to rank account aggregation and data consolidation high on their list of business requirements. SunGard’s clear commitment to meeting this need is evident through this integration, which will help advisors expand their roles and build long-term trust with their clients.”

Provided as a service, SunGard’s data aggregation automatically transmits client account data and “shadow posts” held away assets into SunGard’s systems from multiple external custodians and brokers using one connection. SunGard’s data aggregation service for wealth managers integrates with SunGard’s AddVantage and Global Plus trust accounting and asset management solutions, and SunGard’s Investor'sView real-time portfolio management, regulatory compliance and performance reporting solution.
Will Clemens, vice president and general manager of straight-through processing at Advent, said, “By consolidating account data from different custodians, ACD eliminates the manual process of data collection. We are very pleased that ACD provides SunGard with a comprehensive and functionally robust tool that will help provide consistent business processes, increased efficiency and enhanced client service.”

Blaine Maxfield, chief operating officer of SunGard’s wealth management business, said, “SunGard’s ability to help simplify and streamline the process of obtaining client transactions and positions is key to helping wealth managers grow client relationships. The solution can serve many types of financial institutions requiring a central hub of client information in support of house-holding, family offices and a wide range of reporting needs.”

SunGard is a leading provider of wealth management solutions that help banks, trust companies, brokerage firms, insurance firms and independent advisors grow their businesses by meeting the needs of their mass affluent and high net-worth clients.

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