Press Releases

Wachovia Market Risk Management System Augmented by Asset Control Interfaces

New York, May 22, 2006

Asset Control, the world’s leading provider of Centralized Data Management (CDM) solutions to the financial industry, today announced that Wachovia Corporation, the fourth largest banking holding company in the US, has successfully expanded its risk management solution by extending their AC Plus product suite.

“Asset Control has a range of interfaces to complex data feeds which reduces our development cost and improves time to market” said Barry Fenwick, Divisional Information Officer of Wachovia Corporate Investment Bank. “This allows us to improve the quality of market data utilized within risk management and can be leveraged throughout the organization.”

The solution, configured from the AC Plus modular framework, gathers and manages snapshot, end-of-day and time-series pricing information for interest rates, credit spreads, equities, FX and commodities.  Additionally, the solution consolidates and validates data from several external sources to provide consistency and reliability.

Wachovia is also expanding on Asset Control’s built-in range of four-dimensional graphing capabilities, to allow them to analyze and survey data anomalies and trends over time in a graphical, multi-dimensional format.

“We are delighted to continue to work with Wachovia to tailor AC Plus to their exact requirements,” said Ger Rosenkamp, CEO of Asset Control. “The modular architecture of AC Plus means its capabilities can be extended easily with minimal downtime or cost.”

About Wachovia Corporation
Wachovia Corporation, a diversified financial services company, provides a broad range of banking, asset management, wealth management, and corporate and investment banking products and services. With over 95,000 employees and $500 billion in assets, Wachovia serves banking, brokerage, and corporate customers primarily on the East Coast, as well as through investment banking offices in selected locations. Wachovia also has full-service retail brokerage offices that serve customers under the Wachovia Securities name in 49 states and Washington, D.C. Global services are provided through 33 international offices. For more information, visit www.wachovia.com.

About Asset Control
Asset Control offers centralized data management to financial industry firms through a full range of in-house and outsourced options.  A choice of developer tools, turnkey software solutions and outsourced services enable users to optimize their investment data for efficiency, cost control, reduced operational risk and increased value from their data. 

Derived from the robust and reliable AC Plus modular framework, the Asset Control product set includes data solutions addressing market risk, counterparty credit risk, security master, research and corporate actions, as well as global data networking and administration. Handling data from vendors and in-house systems, these solutions collect, validate, normalize, and consolidate data into cleansed composite “golden copy” sets for business use.

Customers include the LCH.Clearnet, Abbey National, ABN AMRO, Barclays Capital, Bayerische Landesbank , BBVA, Commerzbank, IBM (Dresdner Bank), Harvard Management Company, HSH Nordbank, HypoVereinsbank, Grupo Santander, ING, Robeco Groep, Société Générale, Standard Chartered, Union Investment and Wachovia Corporation, as well as a super-major global energy group. Established in 1991, Asset Control is a privately held firm with operations in London,
New York and the Netherlands.  For more information please visit www.asset-control.com.