NEW YORK (HedgeWorld.com)–Integrated Decision Systems Inc. and NorthStar Systems International plan to partner to offer clients a broader array of wealth management tools.
The two firms announced a partnership that will pair NorthStar’s wealth and asset management technology with IDS’ portfolio accounting and performance measurement solutions. Officials at both firms said the partnership represented an attempt to satisfy customers who had been asking both firms for one solution that offered integrated front-office decision making and back-office analytic tools.
“This is a partnership driven by the needs of the industry,” said Bob Zangrillo, NorthStar’s chairman and chief executive, in a statement. “Customers have been clear: They want an integrated front-to-back office wealth management platform that provides best-of-breed application functionality to their advisory teams.”
To make that happen, the two firms plan in the second quarter of 2005 to link NorthStar’s desktop advisory applications with the IDS GIM portfolio management and performance technology. The companies will conduct joint marketing of their offering, which will include functions such as investor profiling, wealth and financial planning, investment selection, portfolio construction and analysis, portfolio accounting, performance measurement and client review.
“Together, IDS and NorthStar will provide the investment industry with the best of both worlds: top-tier portfolio accounting and performance data fully integrated into the advisory desktop,” IDS chairman and chief executive Don Totter said in a statement. “By integrating two of the leading wealth management providers, this partnership will create a one-stop-shop for the complete wealth management life cycle.”
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