SunGard today announced that West LB Mellon Asset Management (WMAM), a leading global financial services company, has selected SunGard's Asset Arena to replace its existing middle- and back-office applications at its Dusseldorf and London operations.
WMAM, a joint venture of WestLB AG and The Bank of New York Mellon Corporation, offers asset management services to institutional and retail clients. SunGard Asset Arena is a suite of front- to back-office solutions that support the entire lifecycle of investment processes and operations.
Global asset managers, such as WMAM, are increasingly seeking greater operational synergies between their middle- and back-office operations. SunGard's Asset Arena Investment Accounting and Compliance & Trade Support solutions will help WMAM benefit from an integrated platform that helps deliver increased operational efficiencies between critical asset servicing functions. These functions include: compliance for post-trade checks against investment directives and market practices; trade support for integrated order processing between trade operations and fund accounting; and seamless communications with external partners. Asset Arena will help integrate all of these functions on one platform and support WMAM's operations across multiple offices in different countries through a single installation.
Christoph Krey, global head of IT at WMAM, commented: "After a comprehensive comparison of software vendors, we decided to choose SunGard's Asset Arena. We were convinced, in particular, by the multi-site usage via a single-site installation, as well as by the proven track record of SunGard's investment accounting offering at leading financial services companies throughout Europe. With Asset Arena in place, we hope to achieve extensive optimization for our internal processes and workflows."
Thorsten Junike, chief operating officer of SunGard's investment accounting business in Germany, commented: "SunGard's Asset Arena continues to demonstrate its ability to meet a broad range of asset servicing functions that span operations and workflows, while also offering the flexibility for customers to select a tailored solution that meets their individual requirements. We are pleased thed that West LB Mellon Asset Management has chosen our fund accounting system."