US banks Chase Manhattan and Wachovia have contracted with Kinexus to provide high net worth clients with a consolidated online view of their total financial worth.
The contracts were sealed as Kinexus announced the completion of a $49 million Series B equity financing led by Capital Z Partners, Chase Capital Partners and Chase.com.
Harry Totonis, CEO of Kinexus, comments: "By working with Chase.com we were able to leverage two critical core assets of the Chase franchise - its private equity strengths in CCP as well as Chase's private bank expertise. This collaboration is truly helping us to jointly accelerate Kinexus' position in the market."
Yawar Shah, chief operating officer of Chase global private banking, says: "High net-worth individuals have traditionally had to navigate through multiple financial providers including private bankers, financial advisors, accountants and lawyers to locate their personal wealth management information. By connecting the multi-institutional asset and liability information at both the transaction and holding level for our clients, we are in a superior position to provide fully integrated and comprehensive wealth management services."
In a seperate announcement, Atltanta's Wachovia also unveiled plans to offer a Kinexus-supplied Internet-based aggregation offering for affluent clients. The MyNetWorth service is expected to be available in early 2001 from the Wachovia Web site. Initially providing clients with information on accounts held at Wachovia, the service will be enhanced in stages to present comprehensive information updated on a daily basis for accounts held with third party financial advisers, brokers, banks and investment managers
Robert Newell, head of Wachovia private financial advisors in the asset and wealth management division, comments. "This service is differentiated from the current trend of 'screen scrapping' - basic account aggregation - because it operates on direct feeds to each participating institution and does not require clients to divulge account numbers or passwords."
He says account aggregation is a first step in Wachovia's online private banking strategy. Subsequent announcements are expected to include seamless account access for banking, brokerage and investment management services, online delivery of account statements, Web-based financial planning and delivery of personalised wealth management information.