Union Bank & Trust is using the SunGard solution to help transform its trust department into a full-service wealth management business, a statement from SunGard said this week.

The offering, SunGard said, helps wealth advisors and financial institutions such as banks, trust organisations and registered independent advisors.

The rollout comes at a time, SunGard said, when there is expected to be compound annual growth in managed solution assets of 14 per cent, and a near-doubling of industry assets by 2018 (source: Money Management Institute).

Managed account platforms, SunGard said, can “provide advisors with a tailored, automated financial strategy using a centralised back-office operations platform to meet business goals.” But it says many advisors are not confident in their platform’s ability to meet their needs.

The solution combines Sawtooth Asset Management’s open architecture investment and practice management capabilities with SunGard’s wealth management, transaction processing and trading connectivity solutions. (Sawtooth, based in Edina, Minnesota, provides outsourced investment-based practice management solutions to wealth managers.)