Wegelin Fondsleitung AG has completed its implementation of Asset Arena Investment Accounting, SunGard's global investment accounting and reporting solution. Wegelin is the fund accounting arm of Wegelin & Co., Switzerland's oldest private bank, which specializes in customized wealth management and retirement planning solutions and manages client assets of more than CHF 26 billion.
Wegelin Fondsleitung AG required a solution that could easily integrate with its existing SunGard core banking and portfolio management platform, Ambit Apsys. Covering a broad range of financial instruments, Asset Arena helps Wegelin Fondsleitung AG increase the automation of its fund accounting processes, thereby enhancing the firm's straight-through processing capabilities. Asset Arena also helps address Wegelin's local compliance, legal and tax requirements, as well as provide specialized customer reporting.
Jelmer van der Meulen, managing director of Wegelin Fondsleitung AG, said, "SunGard was able to meet our aggressive implementation schedule, allowing us to begin the year fully functional on its robust platform. Asset Arena is helping us to increase our operational efficiency, and through comprehensive reporting capabilities, provide a greater degree of transparency to our clients. We are confident that we have found the most reliable partner whose breadth and depth of proven solutions will provide us with the flexibility and scalability needed to continue to grow our business."
Asset Arena is integrated with SunGard's Ambit Apsys, a comprehensive banking solution that is used by Wegelin & Co. for its private banking activity and custody for fund management. The integration between the two solutions provides a seamless transfer of all trades and securities details from the banking side to the fund accounting side. This level of automation gives Wegelin & Co. the ability to achieve faster, more accurate transactions, and process high volumes without duplicating work.
Doug Morgan, president of SunGard's institutional asset management business, said, "We are pleased that Wegelin & Co. has expanded its relationship with SunGard. With its impressive corporate legacy, Wegelin & Co. clearly understands the importance of evolving to meet the industry's changing demands. Asset Arena's global capabilities, as well as its adaptability to local markets, will help Wegelin Fondsleitung AG better serve its clients, take advantage of growth opportunities and maintain its competitive position."