State Street Announces Additions to Wealth Manager Services Capabilities
October 04 2010 - 3:00PM
Business Wire
State Street Corporation, one of the world's leading providers
of financial services to institutional investors, announced today
enhancements to its wealth manager services capabilities.
Investment policy compliance, administrative reviews, trade order
management and integrated account management capabilities have now
been added to its proprietary State Street Wealth Connect®
platform. State Street currently services more than $250 billion in
assets for approximately 500 wealth managers comprised of 90,000
accounts within the high-net-worth market.
WealthConnect® 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. The new
enhancements provide wealth management clients with a full,
end-to-end wealth management solution that automates several
previously manual and time-consuming functions such as account set
up and maintenance, cash disbursements and asset transition.
Clients can customize their operational workflows and approval
rules to fit their unique processing requirements. The new pre- and
post-trade compliance capabilities include a rules-based engine
with alert functionality that automates the monitoring of
investment objectives. These advanced compliance capabilities are
adaptable to even the most complex investment strategies, including
open architecture models.
“Our wealth management clients, who are typically registered
investment advisors, trust companies and family offices, are
increasingly looking for one solution that seamlessly ties together
all of the functions they need in the front, middle and back
office, including analytics, order management, trade settlement and
confirmation and pre- and post-trade compliance,” said Steve
Nazzaro, senior vice president of State Street’s wealth manager
services business. “These new enhancements to our WealthConnect
platform provide a fully integrated platform that enables wealth
managers to focus on client service instead of infrastructure.”
In support of Regulation 9 requirements, the new enhancements
also enable clients to design and complete trust review questions
online, prompt for additional users’ actions, and create an audit
trail of all completed steps. This monitoring technology is
designed to minimize risk and create seamless web-based processes
for trustees and wealth managers. State Street clients can access
the full solution or select to use a portion of the stand alone
components of the new capabilities through WealthConnect, depending
on their firms’ needs. The WealthConnect platform also enables
wealth managers to manage the accounts and holdings of their high
net worth clients whether they are held in custody at State Street
or with other custodians, providing a comprehensive view of the
client’s entire investment portfolio.
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 $19.0 trillion in assets
under custody and administration and $1.8 trillion in assets under
management at 30 June, 2010, State Street operates in 25 countries
and more than 100 geographic markets worldwide. For more
information, visit State Street’s web site at
www.statestreet.com.
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