State Street Upgrades Wealth Management Platform

Vanessa Doctor

6 October 2010

State Street Corporation has added new features to its wealth management platform, State Street WealthConnect, as part of what the firm says is a continued commitment to the growing high net worth market.

WealthConnect presents a customisable web-based platform that is integrated with State Street's investment servicing solutions, which include global custody, accounting, and corporate actions monitoring. The enhancements provide wealth clients with an automated version of several functions, including account set up and maintenance, cash disbursements, and asset transition, among others.

"Our wealth management clients, who are typically registered investment advisors, trust companies and family offices, are increasingly looking for one solution that 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. These enhancements provide an integrated platform that enables wealth managers to focus on client service instead of infrastructure," said Steve Nazzaro, the senior vice president of State Street's wealth management services business.

State Street, which has $19 trillion in assets under custody and administration and $1.8 trillion in assets under management, operates in 25 countries. It currently services over $250 billion in assets for approximately 500 wealth managers covering 90,000 accounts within the high net worth market.