State Street Expands Servicing Solutions for Wealth Management Customers
October 27 2009 - 10:30AM
Business Wire
State Street Corporation (NYSE: STT), one of the world’s leading
providers of financial services to institutional investors,
announced today enhancements to its wealth management service
offerings that build on its comprehensive suite of services. State
Street currently supports more than $250 billion in assets under
custody and administration for more than 500 customers within the
high net worth market.
State Street Wealth Connect® provides seamless access to State
Street through a customizable web-based platform that is fully
integrated with State Street’s investment servicing solutions
including global custody, accounting and corporate actions
monitoring. Users can view and create custom reports and queries to
analyze accounts, holdings, transactions and event information. In
addition, the service provides on-demand client statements as well
as additional transparency into underlying security positions
through reporting on exposure and tax impact. Additional services,
such as messaging and document delivery, help wealth managers to
communicate directly with their customers through this secure
portal. State Street WealthConnect can be customized as a
full-service model or as a targeted set of services to meet the
unique needs of each customer.
“Our wealth management customers are increasingly looking for a
comprehensive service that helps them manage regulatory
requirements, optimize their business processes and provide
expanded functionality and reporting,” said Steve Nazzaro, senior
vice president of State Street’s wealth manager services business.
“The enhancements that State Street has made to its WealthConnect
offering enables our customers to focus on asset management and
growth instead of middle- and back-office functions.”
The expanded service offering includes customized interfaces and
white- label capabilities for wealth managers including registered
investment advisors, trust companies, and private wealth management
firms and their high net worth customers. Existing customers can
access the system via the my.statestreet.com web interface. State
Street is targeting to release additional functionality to the
WealthConnect Platform within the next year including performance
and analytics, administrative workstation and portfolio management
tools.
State Street Corporation (NYSE: STT) is one of the world's
leading providers of financial services to institutional investors,
including investment servicing, investment management and
investment research and trading. With $17.9 trillion in assets
under custody and administration, and $1.7 trillion in assets under
management at September 30, 2009, State Street operates in 27
countries and more than 100 geographic markets worldwide. For more
information, visit State Street’s website at
www.statestreet.com.
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