Metavante Corporation, the financial technology subsidiary of Marshall & Ilsley Corporation (NYSE: MI), today announced processing agreements with several clients for its Wealth Management technology. These are the latest in a series of wealth management contract wins for Metavante that include: Bank of Marin, Corte Madera, Calif.; Bank of Stockton, Stockton, Calif.; Bangor Savings Bank, Bangor, Maine; and Legacy Private Trust, Neenah, Wis.
Two more institutions, Cape Cod Five Cents Saving Bank, Orleans, Mass., and First Western Trust Bank, Denver, have signed full outsourcing contracts where Metavante and Marshall & Ilsley Trust Company N.A. will provide technology and full operations processing. With offices in Wisconsin, Arizona, Florida, Nevada and Minnesota, Marshall & Ilsley Trust Company provides a comprehensive range of trust, custodial and related services to corporate, institutional and individual clients nationwide.
Metavante will provide these financial institutions, whose combined assets total more than $6 billion, with products and services ranging from straight-thru processing and asset management, the real-time, browser-based TrustDesk workstation, the fully integrated InvestDesk portfolio management system, and the web-enabled TrustWeb and AdvisorWeb products. Metavante anticipates migrating these clients during the first and third quarters of 2004.
"Metavante strives to differentiate ourselves from our competitors by delivering proven technology for system efficiency and flexibility, while maintaining continuity and stability through our multi-tiered application architecture and enterprise server implementation," said Douglas Smith, senior vice president and general manager, Metavante Wealth Management. "For clients seeking a complete outsourcing solution, we believe our ability to leverage our technology with M&I Trust's back-office operational processing provides unparalleled tools they can use to gain a competitive advantage."
Describing the benefits these newest clients will receive from Metavante's wealth technology, Kevin O'Rourke, vice president, sales manager, Metavante Wealth Management said, "With the addition of this agreement, Bank of Marin will now use every solution provided by Metavante to present a complete solution to all its customers. Bank of Stockton will discontinue use of a very limited trust system to derive the benefits of using Metavante's full processing capability as well as our TrustDesk and AdvisorWeb products." Continued O'Rourke, "Bangor Savings Bank will integrate multiple systems, while Legacy Private Trust, a de novo trust company, will take advantage of our proven technology capabilities to assist in attracting new clientele and gaining a competitive edge in the marketplace."
Metavante Wealth Management offers a set of Internet-enabled products and services to more than 200 financial services providers that address the specific needs of the rapidly growing wealthy, affluent, and emerging affluent markets. These solutions address asset and liability aggregation, trust and investment account management, client and regulatory reporting, and employee retirement benefit services. Metavante 401(k) Services administers over 6,000 retirement plans for small businesses of less than 300 employees.