Latest enhancements said to automate administrative and asset-level reviews. InvestEdge, a provider of web-based wealth-management technology to banks and large investment advisories, has tweaked its compliance platform to help banks and trust companies streamline their approach to administrative and investment reviews.

"Traditional tactics are error prone, resource intensive and inherently expensive," says InvestEdge's CEO Bob Stewart. "Whether a bank is managing a few thousand accounts or tens of thousands this is a risk they cannot afford."

Big names

InvestEdge's updated compliance module makes it easier for firms to set up, monitor, and conduct administrative reviews, according to the firm. Its workflow component "complements existing review processes and makes it easier to comply with Reg. 9 requirements," InvestEdge adds.

"Reg. 9" is short for "Title 12, Part 9" of the U.S. Code of Federal Regulations. Among other things, it stipulates that banks regulated by the Office of the Controller of the Currency "conduct a review of all assets of each fiduciary account for which the bank has investment discretion to evaluate whether they are appropriate, individually and collectively, for the account."

In July 2008, InvestEdge started offering its new compliance-monitoring tools to banks and trust companies using SEI's trust-accounting and securities-processing platform.

Now it's offering it to banks that don't work with SEI.

Among Bala Cynwyd, Pa.-based InvestEdge's institutional clients are Wilmington Trust, Glenmede Trust, TD Banknorth, and Greycourt and Merrill Lynch's Private Banking and Investment Group. -FWR

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