The offering will also be available to Fidelity’s 170 bank trust and third-party administrator customers, as well as other financial intermediaries in these markets.
The firms say that access to trade automation technology and brokerage services via a single platform will help banks, trust providers and retirement plan record keepers conduct mutual fund trading and settlement, and simplify administration, accounting and reporting, while achieving straight-through processing.
As part of the agreement, Fidelity will be the provider of brokerage, custody and clearing services for customers of the STN Funds. STN Funds will continue to provide trade automation, systems integration and software services.
Kevin Rafferty, president of the SunGard Transaction Network, said, by providing access to Fidelity’s brokerage services through an STN connection, our institutional benefit administration, trust and wealth management customers will receive an expanded set of integrated investment and trade processing capabilities that can help them grow their businesses at a more rapid pace.
Fidelity and SunGard will jointly market and distribute the enhanced service to financial intermediaries, including existing customers of STN Funds. Both firms say they are committed to investing in technology to further enhance the joint offering and integration with SunGard’s recordkeeping and trust systems.
