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Commercial banks

Sumitomo Trust & Banking Co. (U.S.A.) Partners with SunGard for Integrated Global Custody Solution

Strategic Insights

— 1 min read

Sumitomo Trust & Banking Co. (U.S.A.), a subsidiary of Japan's largest bank, The Sumitomo Trust & Banking Co. Ltd., with total trust assets of US$263 billion as of March 1997, has selected SunGard Asset Management Systems as its software solutions partner for its new millennium. This partnership will provide Sumitomo with an integrated global custody and securities lending solution that incorporates SunGard's Global Plus and SunGard/DML's WorldLend 2000 systems. The agreement will enable Sumitomo to focus on expanding its global custody business, fueled by deregulation within the Japanese market as the "Big Bang" approaches.

Key Takeaways:

  • Sumitomo Trust & Banking Co. (U.S.A.) has selected SunGard Asset Management Systems as its software solutions partner for its new millennium.
  • The partnership will provide Sumitomo with an integrated global custody and securities lending solution that incorporates SunGard's Global Plus and SunGard/DML's WorldLend 2000 systems.
  • The agreement aims to deliver a cost-effective alternative to maintaining and developing internal systems, facilitating strategic growth and providing sophisticated capabilities.
  • Sumitomo's enterprise solution will combine the advanced features of SunGard's Global Plus system, including SWIFT and multi-currency capabilities, with the ability of DML's WorldLend 2000 securities lending system to handle real-time settlements and compute fair and equitable allocations.
  • Sumitomo will go live with the new system in late 1998.
  • This partnership further solidifies SunGard Asset Management System's presence in the US operations of international financial institutions.

Statistics:

  • Sumitomo Trust & Banking Co. (U.S.A.) is a subsidiary of Japan's The Sumitomo Trust & Banking Co. Ltd., with total trust assets of US$263 billion as of March 1997.
  • The agreement aims to provide a cost-effective alternative to maintaining and developing internal systems, leveraging SunGard's resources and reputation.
  • Sumitomo's global custody business has been fueled by deregulation within the Japanese market as the "Big Bang" approaches.
  • Sumitomo's new partnership with SunGard will enable the company to focus on expanding its global custody business.

Sources:

  • SunGard Asset Management Systems, press release, January 7, 1998.
  • PR Newswire, "Sumitomo Trust & Banking Co. (U.S.A.) Selects SunGard AMS for Integrated Global Custody Solution," January 7, 1998.

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