Press Releases

Upon Success of Risk Solution Wachovia Selects Asset Control for Centralized Reference Data Management

US’s fourth largest banking holding company confirms confidence by awarding second contract to Asset Control

New York, September 5, 2005

Wachovia Corporation, the USA's fourth largest banking holding company, has extended its relationship with Asset Control with its selection of the company's AC Plus solution for reference data management for its Corporate and Investment Banking division. This follows the successful implementation of Asset Control’s software earlier this year to consolidate multi-source price data for risk management.

As a result of a comprehensive research and evaluation effort for the right solution to their reference data project, AC SecurityMaster, a configuration of modules from the AC Plus modular framework, will be implemented in Wachovia's Corporate and Investment Bank. The solution will centralize the management of Wachovia’s security reference data, resulting in consistent information across systems and reduced data management costs.

Ger Rosenkamp, CEO of Asset Control, adds "We are proud to be Wachovia's chosen solution provider for this second strategic project. Wachovia's endorsement of our software and service quality reflects the effort we make to ensure our customers gain a fast return on their investment in us. We are thrilled to be expanding our relationship with this respected organization."

Asset Control in-house solutions for reference data and Basel II data, will be demonstrated this week at SIBOS in Copenhagen, Booth #C210, September 5 through 9.

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 solutions. 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 management 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, ING, Robeco Groep, Santander Central Hispano, Société Générale, Standard Bank, Standard Chartered and Union Investment, 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.