PFPC Inc., a member of The PNC Financial Services Group, Inc., servicing over $1.5 trillion in total fund accounting and administration, transfer agency and retirement-plan assets, announced that the use of SuRPAS, a subaccounting system, grew by over 47 percent in 2001. Including the new business, SuRPAS now services more than 21 million shareholder accounts -- a dramatic increase from a total 14 million accounts serviced in 2000. The SuRPAS subaccounting system provides recordkeeping for all classes of proprietary and non-proprietary mutual funds, including full-client accounting, tax reporting and statement generation.
At DEMO 2002 Microsoft Corp. will unveil the beta version of MSN Money Professional, the first Microsoft .NET service for the financial industry. The subscription-based finance service is designed to help financial industry-professionals better serve their customers through the flexibility and power of the Internet.
Advent Software Inc. announced that several wealth-management firms have chosen to employ its WealthLineSM service, which is built on MSN Money Professional. Avalon Advisors LP, Plante & Moran LLP, Security Trust Co. and SYM Financial Corp. will join the WealthLine Advisory Council to test the service and help finalize its functionality before the live version launches later this year.
Macgregor, a global provider of buy-side, trade-order-management systems and FIX network services, announced that Andrew Clark has joined the executive team as VP, straight through processing solutions. Mr. Clark will be responsible for all aspects of Macgregor's STP efforts, and will report into Stephen Alepa, EVP, Networks and E-Markets. Prior to Macgregor, Mr. Clark was a senior manager at Arthur Andersen, heading up the New England Asset Management Consulting Industry Group and directing the buy-side component of Andersen's Straight Through Processing Practice.