Fidelity Investments and SunGard, a trade automation and compliance solutions provider, have announced the availability of several new services to their integrated trading and custody platform for trust institutions and third party administrators, which utilizes the capabilities of the SunGard transaction network.
The new services, including a directed trustee services program, a payment and reporting program for brokers who support retirement plans, and an online revenue management tool, will help trust and third party administrator customers meet the growing wealth management and retirement planning needs of their clients. Since its launch in August, 2006, more than 200 firms have transitioned to the STN-fidelity solution.
Rick Shea, senior vice president of trust services at Huntington Bancshares, said: We were looking for more automation and technology when we made the transition to the STN-Fidelity platform. At the time, we were dealing with about 250 different fund companies and transfer agents and traded, settled, and handled dividends with each one of them individually. The complexities of that were huge. We have saved many hours of work by eliminating manual procedures, and have improved our turnaround times and ability to respond to clients. It has been an excellent move.
Bob Ward, COO of SunGard’s STN business unit, said: SunGard’s relationship with Fidelity, along with the ongoing technology investments from both companies, has given our customers access to one of the most advanced sets of automated trading and brokerage services available. By creating an integrated platform that supports a wide spectrum of investment processes, the STN-Fidelity solution provides customers with tools to help them acquire, grow, manage and service their businesses – today and into the future.