The company said that the goal of this expansion is to strengthen its strategic position as an unbundled provider of directed trust and custody services for employee benefit plans and third-party administrators (TPA). It will do this by utilizing products and services from Advent Software, Inc. The Web-based service will download custodial information from more than 300 custodians who are participating, and with permission, will electronically transmit account data to a plan’s service provider. It will then consolidate the data into a single account report. This will give users consolidated reports of assets even when all assets are not held with Wilmington Trust.
Also, Wilmington’s CRS unit has enhanced its revenue sharing service, according to a company press release. This will allow clients to negotiate and collect revenue sharing payments from investment managers and mutual funds. Wilmington Trust will now be able to collect fees owed to plan sponsors and TPAs, with administrative, shareholder services, sub-transfer agent or similar service fees being reconciled at the fund level, by account, according to the company.
Wilmington Trust ( www.wilmingtontrust.com ) serves as a trustee and custodian for over 1,300 retirement plans.
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