SunGard Asset Management teams with Goal for tax reclaim service

SunGard Asset Management teams with Goal for tax reclaim service

SunGard Asset Management Systems has teamed up with London-based Global Operations and Administration (Goal) to deliver an outsourced tax reclamation service for US, Canadian and South American clients.

Under the agreement SunGard provide an automated, outsourced service for clients to reclaim excess withholding taxes on their American Depository Receipt (ADR) and foreign securities. Goal will provide tax reclamation processing from its centre in London.

The service will calculate the amount of tax available for recovery and generate and files the forms before working with the local tax administration to refund excess-paid withholding tax in more than 30 countries.

Maryanne Campbell, president, SunGard's Global Plus, says: "We have long recognised that the reclamation of over withheld tax on foreign securities and ADRs can be a sticking point for securities straight-through processing, and we have been actively seeking a solution for our clients in this area."

Stephen Everard, managing director, Goal, says: "There has been a surge of interest over the last eighteen months in withholding tax reclamation as equity capital values have fallen, and as investors have refocused on their dividend and interest returns.

"US investors and fund managers are putting increasing pressure on their custodian banks to reclaim excess paid taxes efficiently and effectively. Our agreement with SunGard enables us to deliver our services directly to this segment."

Goal says the arrangement with SunGard also provides a major boost to its growing presence in the Americas.

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