Asset management solutions provider SEI Investments Company has entered an agreement with software house Vertical Management Systems (VMS) to develop and market an Internet-based, fully automated, straight-through solution. This will link mutual fund automation tools with investment processing operations.
The new tools will provide automated trading, reconciliation and corporate action processing to more than 95% of the mutual fund securities available in the US, say the companies.
Without an automated solution, processing mutual funds typically requires dual or multiple system entry and manual intervention, resulting in time-consuming and error-prone processing.
SEI's Trust 3000 System is a suite of technology solutions for investment processing and trust accounting. Under the agreement, the suite will be tightly integrated into VMS's mutual fund automation tools. These provide same-day and late-day trading, reconciliation, income collection, net asset value, dividend and capital gains information. The integrated package is scheduled for client roll out in 2002.