Fiserv (NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that Lord Abbett & Co. LLC, an independent, privately held investment management firm, has extended its contract for the Unified Wealth Platform for managed account portfolio trading, accounting and model management.
In addition, Lord Abbett added Messaging Services, part of the Wealth Management Network from Fiserv, for real-time messaging.
"We have already seen positive results in the short time that we've been using the real-time messaging capabilities," said Joan Binstock, chief operating officer, Lord Abbett. "The automated solution has helped significantly reduce the time our associates spend adding new accounts, updating existing accounts and retrieving account data, allowing us to reallocate our resources to focus on higher priority tasks."
Messaging Services from Fiserv serves as a centralized data management and communication portal, and will provide Lord Abbett with an efficient and standard way to get data into and out of its Fiserv platforms while communicating in real-time to different systems - including workflow solutions. A client since 2002, Fiserv worked closely with Lord Abbett in the planning and implementation of this technology.
"The renewal and expansion of our relationship with Lord Abbett is a testament to the reliability and value of our products, and our commitment to continually adapt our offerings to meet emerging client needs," said Cheryl Nash, president, Investment Services, Fiserv. "Adding Messaging Services to the already powerful tools they have in the Unified Wealth Platform will allow Lord Abbett to be even more efficient and better serve their customers."
Messaging Services, which is offered through the Wealth Management Network, is designed as a real-time, single point of entry into account data and life-cycle. Adopting the standards of the Money Management Institute (MMI), the Wealth Management Network from Fiserv empowers clients to handle their managed account business in a more efficient and scalable manner. Supporting industry standards speeds the implementation of new connections between business partners and avoids costly interface change requests. Messaging Services currently supports approximately 20 messages from account origination to account maintenance, such as account creation, post cash to general ledger, post positions to account, security adds/updates, account positions retrieval and more.
The Unified Wealth Platform from Fiserv represents the integration of its front-, middle- and back-office wealth management technology through three main components of the platform: Financial Advice Management (front), Portfolio Management & Trading (middle) and Performance & Investor Reporting (back). The platform can be leveraged in total by large enterprises -- with multiple business lines, functions and users -- or configured and deployed as individual technology components for focused business needs.