Aronson+Johnson+Ortiz is implementing the Securities Transaction and Asset Reconciliation System from Electra for reconciliation with custodians. As the fund manager has added several clients, it makes sense to automate reconciliations between the manager and the largest banks with which it does business said Aronson+Johnson.
Evergreen Investments, the asset management arm of Wachovia, is deploying DataPIPE from Electra Information Systems to create an automated reconciliation environment for some custodian reconciliation transactions. Some of them were handled manually, a situation that has existed since J.L. Kaplan was acquired in 2002.
Bessemer Trust Co. is installing the Securities Transaction and Asset Reconciliation System and the Custodian Reconciliation Data Collection Service from Electra. The objective is to improve the timing of reconciling accounts, shortening the period to a day.
GoldenTree Asset Management is implementing the Securities Transaction and Asset Reconciliation System, STaARS, from Electra. The platform automates reconciliation among prime brokers and custodians.
Wells Capital Management, the asset management arm of Wells Fargo Bank, has licensed RecCollect DataPIPE, a custodian data collection and normalization platform from Electra. The company says it expects to be able to do a daily cash and position reconciliation, rather than weekly or monthly.
Richmond Capital Management has implemented Electra’s Securities Transaction and Asset Reconciliation System (STaARS) application to automate the custodial reconciliation process. Richmond Capital was replacing a manual process with the application.
Electra Information Systems has launched an investigation and case management module for the STaARS reconciliation application as an optional add-on enhancement to STaARS 6.0, which will be released at the end of January 2004.
Pzena Investment Management has agreed to use the Securities Transaction and Asset Reconciliation System (STaARS) and Custodian Reconciliation Data Collection Service (RecCollect) from Electra. Pzena was seeking a reconciliation system, as it was manually reconciling holding statements to custodian statements.
Pzena Investment Management plans to automate reconciliation and is deciding between products manufactured by Electra and FMC. Pzena said reconciliation is a very manual labor intensive process and an automated system will allow Pzena to immediately locate exceptions, a time-consuming process under the current back-office scheme.
WestLB Asset Management has licensed and installed Electra‘s STaARS application and subscribed to Electra’s RecCollect service to automate cash and securities reconciliations. The benefits of the application and service include a more efficient reconciliation operation, and enable companies to work with their custodian to correct errors as early as possible.