SunGard, the US software firm, has launched an account aggregation facility to provide wealth managers with holistic views of their clients’ accounts and holdings, and enable them to generate consolidated reports on their assets.

According to SunGard, data consolidation is a core component for accurately representing aggregate views of clients’ assets, but for many firms serving HNW clients with greater volumes of held-away assets the time and resources needed to manually collect data or maintain in-house data aggregation systems are unmanageable.

To facilitate a holistic approach, SunGard has linked its trust accounting, portfolio management, compliance and performance reporting capabilities with Advent Custodial Data, a system which consolidates account data from different custodians and eliminates the need for manual data collection.

In a further move towards automation, the data aggregation service automatically transmits client account data and “shadow posts” held-away assets into SunGard’s systems from multiple external custodians and brokers.

“SunGard’s ability to help simplify and streamline the process of obtaining client transactions and positions is key to helping wealth managers grow client relationships.

The solution can serve many types of financial institutions requiring a central hub of client information in support of house-holding, family offices and a wide range of reporting needs,” said Blaine Maxfield, chief operating officer of SunGard’s wealth management business.