SunGard is reporting new online investment business at CIBC Wood Gundy, the retail brokerage arm of the Canadian Imperial Bank of Commerce, and a significant wealth management win at $33 billion bank holding company Union Planters.
CIBC Wood Gundy has signed a multi-year deal to implement SunGard Online Investment Systems' WebPlaid PortfolioPlus contact and portfolio management solution for its 1500 Investment Advisors (IA's) and 1200 support staff. The agreement also includes custom development work associated with the Canadian market and CIBC's specific requirements.
Development of these enhancements will be a collaborative effort involving both firms, says SunGard, and will focus on establishing full multi-currency capabilities, average cost calculations, enhanced multi-language features and special support for Canadian presentation standards.
The solution also calls for the implementation of SunGard's AccessPlus, the Application Programmer's Interface (API) toolset that will allow CIBC to extract data from the PortfolioPlus database and integrate it with other applications or Web sites.
"The new browser-based offering will help us reduce costs and deployment issues, in addition to providing easier access to the data for use in downstream applications," says Mike Boluch, SVP and chief information officer, wealth management technology at CIBC
Separately, Union Planters Corporation has signed a deal outsourcing its entire wealth management operations to a solution from SunGard Wealth Management Services, including integrated offerings from Smartleaf and London Pacific Advisors.
Under the agreement, UPC gains access to SunGard's Trusted Advisor financial planning and training systems in the front office, and Smartleaf's automated asset management system and LPA's Web-based asset consulting services in the middle office. Back office integration is provided via SunGard's AddVantage accounting system.