US - SunGard eProcess Intelligence, an operating unit of SunGard, has announced that the Florida State Board of Administration (FSBA) has selected intelliMATCH for automation of reconciliation activities within FSBA's investment operations.
The Florida Retirement System’s defined benefit and defined contribution plans’ assets are managed by the FSBA. Total assets under management are approximately US$115bn, which includes the FRS US$80bn pension fund.
intelliMATCH will be implemented to reconcile investment portfolio holdings, transactions and cash with FSBA’s custodians, and in turn between FSBA’s internal portfolio accounting systems and the state’s general ledger system. Additionally, investment performance numbers will be reconciled between external money managers, custodian supplied performance returns and internally generated performance statistics.
Matt Mandalinci, president of SunGard eProcess Intelligence, said: “We look forward to helping them handle their many custodial relationships better and with more precision.”
Bruce Vollert, principal and co-founder of InvestTech, said: “Our operations study revealed a number of manual, semi-automated, and automated reconciliations.
“As one of the nation’s largest public pension plans, FSBA performs a large number of periodic reconciliations to fulfil its fiduciary responsibilities relating to the verification of investment information.”
SunGard’s intelliMATCH provided a cost-effective means of increasing the number of automated reconciliations in the process.”
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