SunGard has launched its new integrated managed investments solution for banks and other wealth advisors, and has implemented it in Minnesota’s community bank, Union Bank & Trust.
The new solution marks SunGard’s expansion in the managed accounts business in anticipation of an increase in managed solution assets and industry assets.
It is designed to help wealth advisors and financial institutions to grow through client solutions, and to grow margins through increased operational efficiencies. It combines the architecture investment and practice management capabilities of Sawtooth Asset Management with SunGard’s wealth management, transaction processing and trading connectivity.
Outsourced middle- and back-office functions are designed to help advisors to improve margins, spend more time with clients and therefore improve their product.
The solution is integrated across SunGard’s existing Charlotte, AddVantage and Global Plus accounting solutions, as well as some other custodians.
Union Bank & Trust will integrate it with AddVantage, using the new system to help transfer its trust department in to a more comprehensive wealth management business. Along with the Global Network, it will also help the bank to manage its full wealth management lifecycle across all account types, including unified managed accounts.
Kevin Briggs, senior vice president and trust division manager at Union Bank & Trust, said: “Our goal is to become a trusted advisor to our clients by leveraging SunGard as our expert practice and technology provider.”
“SunGard’s managed investment offering gives us the ability to rapidly form a single wealth management business that provides our advisors with the flexibility and the portfolios required to service all clients. SunGard allows us to gain access to some of the best investment ideas while helping us increase efficiency and quality of service to clients.”
Scott Parry, executive vice president and general manager of advisory and investment services at SunGard’s wealth and retirement administration business, added: “SunGard is focusing its solutions and services to help provide financial institutions with a greater ability to quickly adapt, grow and compete. This includes banks, RIAs and broker-dealers who are seeking outsourced solutions to penetrate and expand services in the wealth management space.”
“They know that successful wealth managers tap into other specialists that manage money while they service current clients and win new ones. SunGard’s integrated managed investment offering provides one comprehensive, tailored solution that helps advisors win and retain clients while optimising the necessary operational requirements of a firm.”
