SunGard Asset Management Systems has launched AddVantage, an Internet-enabled asset management and trust accounting system for the back office.
Loring, Wolcott & Coolidge Office (LWCO), a private trust and investment management firm in Boston, has been live on the system for two weeks. 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. Front office applications include client Internet access, customer relationship management, workflow automation, and financial planning and analysis.
The system runs on the Windows 2000 platform and is tightly integrated with Microsoft's Office application. The database engine, Cache, is provided by InterSystems Corporation for SQL.
Michael Ashe, chief operating officer of LWCO, says the new system "quickens the pulse" of the company. "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," he says.