Northern Trust ally bundles trust-management apps

FWR Staff

3 December 2008

FiTek offers product-suite integration application for trust organizations. Financial-service software maker FiTek has partnered with Northern Trust to develop TrustPortal, a suite of trust-management products that incorporates investment-management, trust-administration and tax-lot trust-accounting features on a single platform.

Trust/Rite

Among other products, TrustPortal provides access to the Trust/Rite trust-accounting application that FiTek developed for Northern Trust over a decade ago.

"The TrustPortal is an extremely flexible and easy to use tool for the front, middle and back office, enabling users to perform the most complex wealth-management functions in an automated way, thus delivering the highest quality of service at greatly reduced cost," says FiTek's president and CEO Subir Chatterjee.

TrustPortal, which is uses Microsoft's .NET programming architecture, is available as a "locally deployed" software application or as an ASP offering that includes hosting, backup, monitoring, and disaster-recovery services.

Edison, N.J.-based FiTek says that 135 U.S. trust organizations with combined trust assets of more than $100 billion are using TrustPortal.

Chicago-based Northern Trust had assets under custody of $3.5 trillion, and assets under investment management of 652.4 billion at the end of September 2008. -FWR

Purchase reproduction rights to this article.