Magazine article American Banker

State St. Unit to Use SunGard Trust Accounting System

Magazine article American Banker

State St. Unit to Use SunGard Trust Accounting System

Article excerpt

State Street Global Advisors said Tuesday that it has selected SunGard Asset Management Systems Inc.'s multicurrency trust accounting system to support its global ambitions in trust and investment management.

The unit of Boston-based State Street Corp. plans to use the system in its dealings with wealthy individuals worldwide. Ultimately, it may also use Global Plus to handle institutional accounts.

Observers estimated the purchase price for SunGard's Global Plus at more than $10 million.

"A high-net-worth investor who wants a globally optimized portfolio might require securities to be held in 30 to 40 countries," said Chris A. Hynes, principal and senior vice president of State Street Global Advisors' trust and investments division.

James E. Ashton, general manager of Global Plus, said State Street needed "the ability to trade in any currency ... in order to successfully sell to the extremely wealthy."

State Street has its sights on the enormous individual wealth being created by the bull market. Mr. Ashton said the individual management business is thriving while the corporate trust market is shrinking.

The trend is only likely to continue, said Mr. Hynes. "As the cost barriers go down, more people will be involved in global investing."

The fast-growing trust and investments division recently established its first international presence with a London sales office. The division is among the top five U.S. investment management organizations, at $458 billion of assets. …

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