Fidelity Investments and SunGard have agreed to integrate Fidelity’s brokerage services and the SunGard Transaction Network to provide clients with a platform aimed at increasing trade efficiency.
The joint platform will allow nearly 600 of SunGard’s current STN customers access to a set of through the single connection that are designed to help them process their wealth management retirement plan needs.
The offering also will be available to Fidelity’s 170 bank trust and third-party administrator customers.
Through the agreement, Fidelity will provide brokerage, custody and clearing services for customers of STN Funds, and the two firms will jointly market and distribute the service to financial intermediaries, including existing customers of STN Funds.
Both SunGard and Fidelity say they are committed to investing in technology to further the joint offering and hope to also integrate SunGard’s recordkeeping and trust systems into the product.
“Our goal is to provide our customers with the most comprehensive set of trading capabilities available. One of the ways we’re enhancing STN Funds is through the incorporation of brokerage services via our alliance with Fidelity. 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,” says Kevin Rafferty, president of the SunGard Transaction Network.