Fidelity Institutional Wealth Services has long provided trust companies and banks with custody services for the mutual funds they offer. Now the firm is expanding those capabilities to become a "full-service custodian" for all bank and trust asset classes, including equity and fixed-income securities and money market funds, Fidelity announced today.
The firm's expanded capabilities will allow bank and trust companies to consolidate all of their assets with one custodian, Meg Kelleher, executive vice president of Fidelity Institutional Wealth Services, said in a telephone interview. The expanded services will help banks "drive greater efficiency by limiting the third-party firms they need to work with," she said. In addition, the new services will help clients reduce risk, increase transparency and lower costs, she said.
Fidelity's new custody services is supported by an integrated platform that enables banks to place orders in their trust accounting systems and send them electronically to Fidelity, eliminating all manual processes. Banks and trust companies also receive trading and client service support for individual securities and benefit from consolidated daily net settlements, Kelleher said.
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