Industry’s First Fully Web-Enabled Solution Based on Microsoft Windows 2000
Birmingham, AL – September 18, 2000 – SunGard Asset Management Systems has launched AddVantage, the industry’s first fully Internet-enabled asset management and trust accounting system for the back-office. All functions can be accessed real-time through a browser with accounting information instantly updated seven days a week, 24 hours a day. Loring, Wolcott & Coolidge Office (LWCO), a private trust and investment management firm in Boston, has been using AddVantage since Labor Day. LWCO manages $5.6 billion in assets invested primarily in growth equities.
AddVantage combines back-office asset management and trust accounting features with SunGard’s AddVantage Front Office suite. Business-building front-office applications include client Internet access, customer relationship management, workflow automation, and financial planning and analysis. The AddVantage product line is tightly integrated with Microsoft Office, which is designed to deliver increased productivity and communication solutions.
With Microsoft Windows 2000 at the core, AddVantage is able to offer all functions on a single platform. AddVantage offers unlimited growth and volume processing capability through its modular design incorporating CACHÉ as its database engine. CACHÉ, the flagship product of InterSystems Corporation (www.intersystems.com), is a post-relational database with a multidimensional data and application server offering ultra-fast and massively scalable objects and SQL.
“This time last year, we declared our goal to be the first vendor to provide a full-featured, highly scalable back-office solution built on the Windows 2000 platform. This year we announce our success,” states Don Birdwell, group chief executive officer of SunGard Asset Management Systems. “By offering the integrated combination of core asset management, advanced front-office applications, the SunGard Transaction Network, and Microsoft Office, we are providing our clients with an end-to-end solution for the Internet economy. And given the projected popularity of Windows 2000, it simply makes sense to offer our clients a Windows 2000-based solution.”
“Working together, Microsoft and SunGard created AddVantage to meet customer needs for increased real-time data aggregation in a consolidated location,” said Bill Hartnett, global director of financial services at Microsoft Corp. “Windows 2000 provides SunGard with a scalable, reliable and cost-effective platform that has integrated Web capabilities for anytime, anywhere access. Further, the Windows platform provides enterprise-wide integration, allowing AddVantage users to leverage mainstream market technologies and deploy their solutions to a wider customer base.”
“We are impressed with AddVantage,” states Michael Ashe, chief operating officer of LWCO. “The performance of the system is breathtaking-it quickens the pulse of our organization. Online response time is almost instantaneous and the nightly update takes less than five minutes as compared to the industry average of two to four hours. We have more than 50 professionals using AddVantage at any given time to service our several thousand accounts. AddVantage gives us the technology we need to deliver premium service to our clients.”
About SunGard Asset Management Systems
SunGard Asset Management Systems delivers a comprehensive range of asset management, trust accounting, custody and securities lending solutions to world-class financial institutions, including rapidly growing regional asset management institutions, small to mid-sized asset managers, foundations and fiduciaries. SunGard leverages its expertise to provide integrated solutions for asset management, personal trust, institutional trust, employee benefits, private banking, and custody operations that help institutions profitably serve their high net worth clients. SunGard consulting services are targeted to improve operational performance and efficiency for financial services firms.
SunGard (NYSE: SDS) is a global leader in integrated IT solutions and eProcessing for financial services. SunGard is also the pioneer and a leading provider of high-availability infrastructure for business continuity. With annual revenues in excess of $1 billion, SunGard serves more than 10,000 clients in over 50 countries, including 47 of the world’s 50 largest financial services institutions. Visit SunGard at www.sungard.com.
About Loring, Wolcott & Coolidge Office
The firm traces its roots back to the days of the China Trade when merchants left their financial affairs in the hands of trusted fiduciaries as they sought their fortunes around the world. These fiduciaries were fully responsible for the management of property while the merchant was away and expected to be accountable when the merchant returned. These notions of responsibility and accountability continue to be the guiding principles of our trust relationships today, as we offer highly personalized fiduciary and investment management services.
Trademark Information: SunGard, the SunGard logo and AddVantage are trademarks or registered trademarks of SunGard Data Systems Inc. or its subsidiaries in the U.S. and other countries. All other trade names are trademarks or registered trademarks of their respective holders.