Sungard Investment Products Inc.
and the National Securities Clearing Corporation
(NSCC) have reached an agreement whereby the former's Expediter service will be linked with the latter's Fund/SERV system. For Sungard, this move signifies a broadening of its product base to provide its clients with the greatest possible number of choices of load and no-load funds.
SunGard will utilize the new interface for all its business lines including 401(k)'s, trust, broker dealer, bank capital market, and registered investment advisor marketplaces. For the firm, human intervention is eliminated as trade confirmations, dividend information, and fund prices are transmitted to SunGard clients electronically.
"By implementing a connection to NSCC's Fund/SERV, all Expediter
users will be able to positively impact their business by tapping into a broader range of mutual funds offered through Fund/SERV, as well as those funds already directly accessible via Expediter," said David Gibbons
, president of SunGard Investment Products Inc.
"We can give users a complete, consolidated and total solution because Expediter also has the capability to route investment instructions regarding company stock, stable asset products, bank proprietary funds and money market funds," he added.
Currently, NSCC allows access to approximately 15,000 mutual funds on its system.
"This interface will further enhance mutual fund trading for SunGard clients by providing access to a greater number of fund choices and will attract membership in NSCC," stated James DeRubertis
, vice president, marketing of NSCC.
Approximately 100 SunGard clients, mainly banks, use the Expediter service.
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