Prudential Retirement installs Delta Data Software's trade manager
Delta Data Software, Inc., a proven provider of technology to the financial services industry, today announced that Prudential Retirement, a business of Prudential Financial, Inc., a major worldwide provider of investment products and services, has implemented Delta Data Software's Trade Manager.
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The solution gives Prudential Retirement enterprise-wide automated mutual fund trading capabilities and provides the company with greater control over the entire trading lifecycle, while at the same time affording significant reductions in the cost of trading.
Prior to implementing Trade Manager, Prudential utilized the services of another Prudential company, Prudential Securities, for its mutual fund trading. Following the combination of Prudential Securities and Wachovia Securities in 2004, the firm decided to align its trade desk more directly within its Retirement Services Division, utilizing Delta Data's Trade Manager.
Trade Manager's standard interfaces to the National Securities Clearing Corp. (NSCC) and its 600+ member mutual fund companies provide Prudential with the industry's most feature-rich trading platform. The most significant benefit of linking directly to the NSCC is the straight-through-processing of the complete trade order, confirmation and settlement lifecycle.
"Implementing Trade Manager has greatly improved operational efficiency and control over the entire trading process," said Joe Saggese, vice president Financial Control Operations, Prudential Retirement. "This has translated into streamlined, efficient and cost-effective mutual fund processing with nearly zero trading errors and enables us to provide unparalleled service to our 401k plan sponsors."
Prudential selected Delta Data's Trade Manager solution in part because of the company's extensive and relevant experience. "What really tipped the balance in favor of Delta Data was their experience in taking many other large retirement service providers like us from an outsourced service to an in-house trading capability," said Saggese. "That gave us a great deal of comfort that we were working with the right people."
"Organizations like Prudential face the growing challenge of satisfying stringent compliance mandates while still being able to deliver mutual fund trading services in an efficient manner," said Don Beck, president of Delta Data Software. "By providing the industry's most powerful and flexible solutions, we give our customers the capability to meet these demands and address the requirements of an evolving marketplace."
Trade Manager is a key module of Delta Data's FUNDLinx integrated software solutions suite. FUNDLinx provides total back-office automation of mutual fund operations including trading, reconcilement, dividend and income processing and revenue sharing and fee management for financial services organizations and retirement plan providers.