Chemical to Launch Trust System: Global Tracking Will Mesh with Hanover's Capability

By Iida, Jeanne | American Banker, December 26, 1991 | Go to article overview
Save to active project

Chemical to Launch Trust System: Global Tracking Will Mesh with Hanover's Capability


Iida, Jeanne, American Banker


Chemical Banking Corp. is about to put into daily use a large-scale system for trust accounting that will be used after the bank merges with Manufacturers Hanover Corp.

The software and computers installed by Chemical will be combined with a securities accounting and reporting system that is under development at Manufacturers Hanover, a Chemical executives said.

The Manufacturers' project "has some duplicate features...but the two are also complementary," said Jeremiah F. O'Leary, senior vice president at Chemical. "We will blend both [systems] together, and eliminate the redundancies."

Tracking System

The Hanover system, scheduled for completion by mid-1993, will cost $25 million to develop, according to Chemical officials, and is designed to manage securities processing, tracking such things as dividend collections and settlement practices in different countries and in different time zones.

While Chemical's software focuses on customer reporting and accounting, Hanover's system may replace pieces of the Chemical software that handles securities processing, said Robert Roszkowski, vice president in securities processing at Manufacturers Hanover.

Both projects were started before the banks decided to merge this summer. The two banks expect to combine officially on Dec. 31.

Decision Due Soon

Mr. O'Leary said that in the next few weeks, the merged bank would disclose which parts of the two systems would be kept, "and the extent to which one will be blended into the other." The issue is sensitive because of the potential impact on customers.

By February, Chemical expects to have moved selected Chemical global custody accounts - where trust clients hold U.S. and foreign securities - to the new software.

Mr. O'Leary said he hoped to convert all of Chemical's global portfolio of about $20 billion to the new system by June.

If the software performs well, Manufacturers Hanover's global accounts will also be moved to by the end of 1992, representing a total portfolio of $30 billion in global custody.

Computers from Digital

Chemical purchased the software in May from Premier Systems, Wayne, Pa.

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
Loading One moment ...
Project items
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited article

Chemical to Launch Trust System: Global Tracking Will Mesh with Hanover's Capability
Settings

Settings

Typeface
Text size Smaller Larger
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

While we understand printed pages are helpful to our users, this limitation is necessary to help protect our publishers' copyrighted material and prevent its unlawful distribution. We are sorry for any inconvenience.
Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.

Are you sure you want to delete this highlight?