The New York office of investment bank Dresdner Kleinwort Wasserstein has signed a multi-year agreement to shift its fixed income processing from a licensed system to a hosted, bureau service from incumbent vendor ICI/ADP.
The decision to move to ICI/ADP's outsourced impact solution was made in order to reduce total operating costs as well as to upgrade to the latest version of the system, which includes a browser-based interface for back-office users.
Dresdner is also a long-time user of ADP’s Brokerage Processing Service on a service bureau basis for the processing of its US domestic equities, options and CDs. With fixed income migrated to the bureau, the bank will now have access to integrated books and records across all financial instruments and a single Security Master Database.
Vito DiMattia, managing director and head of operations New York for DrKW says the move "will allow us to focus our resources on activities that differentiate us in the marketplace and save money".