Compliance Monitoring Tools and Automated Transaction Workflow
with Approvals Now Integrated Into State Street’s Proprietary Wealth
Connect® Platform
BOSTON--(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.
Source: State Street Corporation
Contact:
State Street Corporation
Alicia Curran Sweeney, +1-617-664-3001