Merrill Lynch Wealth Management has chosen FactSet as its primary market data provider in a multi-year enterprise level agreement that includes FactSet’s data feeds, which will be integrated into Merrill Lynch’s internal applications and client facing portals.The global provider of integrated financial information, analytical applications, will deploy its Market Data solution to more than 15,000 wealth management professionals across Merrill Lynch, one of the largest wealth managers in the world.
The agreement expands the relationship between both parties and bolsters growth in FactSet’s Wealth Management business which delivers enterprise solutions across the entire wealth management workflow. Wealth management currently represents approximately 10 percent of FactSet’s Annual Subscription Value.
Phil Snow, Chief Executive Officer, FactSet, commented:
“Being selected by Merrill Lynch demonstrates how quickly we have progressed in this space and is a testament to the strength of our overall offering. We are thrilled to be expanding our relationship with Bank of America and look forward to supporting the ongoing success of their global wealth management team.”
A number of financial technology companies have been launching products for the wealth management business. In late June, GBST launched Catalyst, a digital platform targeted at new and existing wealth management and pensions clients as part of its wider technology upgrade programme.
Deutsche Bank Luxembourg has deployed the Avaloq Banking Suite in order to operate from one cash ledger for all of its businesses.
Thomson Reuters has recently expanded its North American wealth management brokerage processing platform, BETA to include automated international post-trade processing for multi-market and multi-currency securities.
Through a partnership CG Blockchain, a developer of blockchain technology for the investment industry, FactSet clients to have access to CG Blockchain products through its BCT Fundstore, offering a suite of blockchain apps built upon a robust compliance framework. In turn, CG Blockchain’s current and future clients will also use FactSet’s industry-leading Portware execution and order management capabilities, delivered as FactSet OEMS, for trade execution, analysis, order generation, and compliance efforts.
