Waddell & Reed selects DST portfolio management system

Source: DSTi

DST International, a leader in business solutions for the financial services industry, together with its parent company, DST Systems, Inc., of Kansas City, Mo., has implemented a comprehensive investment management solution for Waddell & Reed Financial, Inc., based in Overland Park, Kansas, USA.

This new solution DST’s Open Platform For Advisors (OpenPFA) combines the front office capabilities of DSTi’s HiInvest and HiDataWarehouse solutions with DST Systems proven TA2000 servicing infrastructure for mutual fund sub-accounting and mutual fund transaction processing, resulting in a unique wealth management and wrap capability.

Stephen Barrett, Director of Marketing for Waddell & Reed said, "We needed a system for our investment advisors to capture the breadth of information necessary to make timely decisions and offer clients superior service in processing transactions in an increasingly competitive market. We built upon the success of DST’s OpenPFA and MAP products by integrating the enhancements that DSTi’s HiInvest offered. This provided just the right combination of products to measure up to the ‘books and records’ demands of our 2,500 advisors."

Mr. Barrett continued, "Our advisors’ feedback is very positive. They particularly praise the impressive presentation capabilities, and enjoy increasing their client base and bottom-line while simultaneously increasing customer satisfaction."

Marcus Ansell, President DSTi, North America noted, "Waddell & Reed’s business growth plans required an updated system for their front office, middle office and back office. They needed the combination of proven DST and DSTi products for seamless integration of their high volume business information needs, account management and customer service."

Lawrence Kiefer, Systems Officer, DST Systems Inc. said, "DSTi’s HiInvest provided system enhancements based on Waddell & Reed's specific requirements. Additionally, DSTi implementation consultants worked with DST Systems client services and operations staff to successfully implement the solution at both Waddell & Reed and at the DST Winchester Data Center."

Dawn Anthony, Waddell & Reed Operations Director of Corporate Actions and Control, noted, "This DST-DSTi combination choice delivered a powerful front-to-back solution for operating our business. The comprehensive portfolio management tool set for performance measurement and reporting, accounting and general ledger, and matching, reconciliation and exception processing provides vastly improved efficiencies for our current business volume and prepares us well for future growth."

Ms. Anthony further noted, "DSTi Professional Services Group worked together with the installation experts at DST Systems and the Waddell & Reed tech team as one highly skilled unit, to deliver a very well managed, cost effective project with excellent results."

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