|The South Financial Group Selects SunGard's InTrader ASP|
Tuesday September 9, 4:30 pm ET
HOPKINS, Minn.--(BUSINESS WIRE)--Sept. 9, 2003--SunGard Securities Processing, an operating group of SunGard (NYSE:SDS), announced today that The South Financial Group has signed a multi-year contract to use SunGard's InTrader to manage all of its securities transactions, including processing for The South Financial Group's investment portfolios which totaled approximately $3.6 billion as of June 30, 2003. The South Financial Group will be converting to InTrader's ASP 9.0 Web version and utilizing the system's investment portfolio, funding, safekeeping, and interest rate swaps derivatives modules, as well as online reporting and analysis via InTrader's secure Web portal. The South Financial Group will use InTrader to process fixed income instruments, including U.S. governments, agencies, mortgage-backs, CMOs, corporates, municipals, and some equities.
"We outgrew our current system and were seeking to update our infrastructure to more current standards and functionality, and InTrader provided a more complete solution with room to grow," said Jim Monroe, senior vice president at The South Financial Group. "InTrader's comprehensive and robust trading, accounting and reporting capabilities are significant advantages for our operations, and InTrader's ASP environment reduces application support and infrastructure costs versus in-sourced solutions," Mr. Monroe continued.
Based in Greenville, South Carolina, The South Financial Group is a multi-bank holding company with $9.3 billion in total assets as of June 30, 2003, and 114 branch offices in South Carolina, Florida and North Carolina. It operates two subsidiary banks, Carolina First Bank and Mercantile Bank. InTrader will be used in The South Financial Group's internal investment management division in Greenville, which plans to be fully converted onto the system by late 2003.
"We're extremely pleased The South Financial Group has chosen InTrader, and welcome them to our growing list of customers that continue to enjoy much success in their respective operations," said Herb Hesch, president of SunGard Securities Processing's InTrader unit. "Our InTrader ASP service has been well-received by both new customers, as well as customers that previously ran InTrader in-house. It is another example of SunGard's ongoing commitment to deliver cost effective solutions that provide operational efficiency and resilience to our customers."