Software and e-commerce company SunGard Asset Management Systems has developed a new division that will provide outsourced wealth management services to banks and RIAs, it was announced today.

Phil Owings will head the newly formed unit, known as Sungard Wealth Management Services The division will provide software and systems to trust, investment, brokerage, mutual fund, and 401(k) businesses. The product essentially handles accounting, benefit record keeping, investment programs and financial planning as well as marketing, training and risk management programs for wealth management businesses.

The new unit is the result of a partnership with INTRUST Bank, a longtime SunGard client that will become the service's charter user.

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