Fund-Technology.com

Raymond James Financial selects PNC

Posted: 21 April 2009

The PNC Financial Services Group has announced that it has been selected by Raymond James Financial to provide a technology suite that delivers a consolidated view of clients' net worth across multiple accounts and full-service subaccounting processing.

"Raymond James is one of the most highly respected and nationally recognized financial services firms within our industry and the first to take full advantage of the
information analytics and processing capabilities of Global Investment Servicing," said Stephen M. Wynne, chief executive officer, PNC Global Investment Servicing. "This agreement reinforces the benefits of the integrated offering of PNC's subaccounting and Albridge wealth reporting technology. Raymond James will be able to drive operational efficiency with access to comprehensive client account information via a central portal and the consolidation of omnibus shareholder account processing onto one platform."

The Raymond James network of 5,000 advisors will have access to PNC's Albridge Wealth Reporting platform, representing one of the largest deployments of a Web-based
portfolio accounting solution within the financial services industry. Through Albridge's technology, Raymond James' advisors can generate a range of on-demand client reports and consolidated client statements. Additionally, advisors can elect to access personalized performance reports that allow investors to clearly track and understand the rate of return generated across all of their accounts.

Under the terms of the agreement, Raymond James will also convert approximately 2.5 million mutual fund positions to Global Investment Servicing's omnibus accounting platform. Fully Internet-enabled, Global Investment Servicing's subaccounting technology will enable Raymond James to bring shareholder accounting and administration in-house for mutual fund trade processing, recordkeeping, and enhanced control of client accounts.

 

Back to news