The PrivateWealth Group at The PrivateBank (Birmingham, Ala.) has implemented Wayne, Pa.-based SunGard's AddVantage asset management and trust accounting solution. The PrivateWealth Group will use SunGard's AddVantage to gain enhanced client and management reporting and investment management and assessment functionality. The Web-based solution will also help the PrivateWealth Group support business growth in attracting, servicing and growing client relationships. AddVantage provides The PrivateWealth Group with a single consolidated trust platform with real-time custody processing.
The PrivateWealth Group converted two of its bank operations onto AddVantage to help gain cost and processing efficiencies, while simultaneously converting to a new custodian using AddVantage's integrated real-time custody interface. In addition, AddVantage integrates with the SunGard Transaction Network (STN) trading connectivity services for equities and mutual funds to provide The PrivateWealth Group with an efficient straight-through processing environment.