SunGard has launched a new managed account platform designed to help banks and their advisors increase margins through greater operational efficiency.
The software and IT services provider's new product will combine its wealth management, processing and trading services with Sawtooth Asset Management's investment and practice management services, SunGard says.
While managed account programs are projected to grow significantly over the next five years, many advisors are not confident in their platform's ability to meet their needs due to an inability to maximize data integration across the firm, SunGard said, citing a report from CEB TowerGroup. SunGard developed its new platform to help wealth advisors overcome these and other issues by integrating data feeds and back-office platforms supporting different products, the company said.
Union Bank & Trust, a Minneapolis-based community bank and SunGard's first bank customer to use the platform, says it chose the offering to build its trust department into a full-service wealth management business. "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," Kevin Briggs, senior vice president and trust division manager of Union Bank & Trust, said in a statement.
The platform implemented at Union Bank & Trust integrates SunGard's trust accounting system and global network to help the bank "manage the wealth management lifecycle across all account types, including unified managed accounts," SunGard said in the announcement.
In addition to banks, the new platform is available to broker-dealers and registered investment advisors, the company said.