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Technology Stocks : Sungard Data Systems (NYSE:SDS)
SDS 16.45+2.4%Sep 18 4:00 PM EDT

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To: OldAIMGuy who wrote (72)8/29/2001 8:38:18 AM
From: JakeStraw  Read Replies (1) of 131
SunGard Launches Outsourced Wealth Management Services; New Unit to Provide Single, Integrated Solution for Outsourcing
WICHITA, Kansas, Aug. 28 /PRNewswire/ -- SunGard Asset Management Systems, an operating group of SunGard (NYSE: SDS), today announced the formation of SunGard Wealth Management Services, LLC. The new operating unit will provide turnkey, outsourced wealth management services to banks, registered investment advisors and other financial services organizations.

SunGard Asset Management Systems is a leading provider of software and system solutions to the trust, investment, brokerage, mutual fund, and 401(k) industry. The formation of SunGard Wealth Management Services will enable the company to broaden its role by offering customers a single, integrated solution for outsourcing securities operations, investment accounting, trust operations, employee benefit recordkeeping, investment programs, and financial planning, as well as marketing, training, and risk management programs for wealth management businesses.

SunGard launched the new business in cooperation with INTRUST Bank, Wichita, KS. INTRUST, a longtime customer of SunGard, will become the charter customer of SunGard Wealth Management Services.

``The leverage that INTRUST will gain from this relationship is tremendous,'' said Ron Baldwin, vice chairman, INTRUST Bank. ``The breadth of financial tools now available to us will support not only asset management and administration, but also client service and sales.'' Baldwin added, ``We will benefit from this service with a reduction of costs, increased productivity and improved customer service, providing the conduit for INTRUST to serve, retain, and grow our client relationships, while managing and growing our business.''

Phil Owings, president of the newly-formed SunGard Wealth Management Services, explained, ``The services provided by SunGard Wealth Management Services are a natural extension of the technology solutions SunGard has delivered successfully for years. Financial service organizations are recognizing the importance of offering an integrated, high-quality package of wealth management services, and the challenge it represents. SunGard is the answer to that challenge.'' In addition to Mr. Owings, several other key managers from INTRUST have joined SunGard to lead the new venture.
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