• E-mail
• Print
• Comment
• Font Size
• Digg
• del.icio.us
• Discuss article

Raymond James Financial Selects PNC for Enterprise Data Management and Information Processing

Posted on: Monday, 20 April 2009, 07:00 CDT

Global Investment Servicing to Provide Albridge Solutions Client Wealth Reporting and Subaccounting Technology

WILMINGTON, Del., April 20 /PRNewswire-FirstCall/ -- The PNC Financial Services Group, Inc. (NYSE: PNC) announced today that Raymond James Financial, Inc. (NYSE: RJF) has selected PNC Global Investment Servicing businesses for 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.

"The technology delivered by PNC is designed to support the full lifecycle of the financial services industry, from product manufacturers to distributors to advisors and individual investors," said Tim Eitel, Raymond James' chief information officer. "So naturally, this technology fits well with the financial planning advice and services our advisors offer their clients. Plus, we can also leverage PNC's subaccounting expertise to help manage investors' mutual fund data with even greater efficiency."

Raymond James Financial (NYSE-RJF) is a Florida-based diversified holding company providing financial services to individuals, corporations and municipalities through its subsidiary companies. Its three principal wholly owned broker/dealers (Raymond James & Associates, Raymond James Financial Services and Raymond James Ltd.) and Raymond James Investment Services Limited, a majority-owned independent contractor subsidiary in the United Kingdom, have a total of more than 5,000 financial advisors serving approximately 1.8 million accounts in 2,200 locations throughout the United States, Canada and overseas. In addition, total client assets are currently $164 billion, of which approximately $25 billion are managed by the firm's asset management subsidiaries. The firm's website is www.raymondjames.com.

PNC Global Investment Servicing (www.pncgis.com) is a leading provider of processing, technology and business intelligence services to asset managers, broker/dealers and financial advisors worldwide. PNC Global Investment Servicing offers fund accounting and administration, custody, transfer agency, alternative investment, subaccounting, managed account and wealth management reporting services, representing more than $2 trillion in total assets.

The PNC Financial Services Group, Inc. (www.pnc.com) is one of the nation's largest diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services.

MEDIA: Rob Tacey (302) 791-2859 robert.tacey@pncgis.com

SOURCE The PNC Financial Services Group, Inc.

Source: PR Newswire

More News in this Category