Press Releases

Wachovia Selects Asset Control Data Management for Market Risk Management

NEW YORK, NY, January 24, 2005

Corporate Investment Bank Selects Turnkey Delivery of Solution
For Consolidation of Multi-Vendor Price Data 

Asset Control, a leading provider of centralized data managementsolutions to the financial industry, today announced that Wachovia Corporation, the fourth largest banking holding company in the US, has selected Asset Control to manage price data for risk management operations within its corporate investment bank. The implementation is scheduled to be in production in the first quarter of 2005.

“The Asset Control technology being deployed on this project will improve our risk management and research capability,” said Barry Fenwick, Divisional Information Officer of Wachovia Corporate Investment Bank. “The new platform will allow us to leverage our comprehensive market history and provide additional analytical services to our clients.”

The Wachovia system will be configured from the AC Plus modular framework to gather and manage snapshot, end-of-day and time-series pricing information for interest rates, credit spreads, equities, FX and commodities.  The Asset Control solution was evaluated in proof-of-concept testing and will be delivered in a turnkey implementation, including feed handlers for multiple data vendors.

“Turnkey delivery of data management solutions enables our customers to dramatically reduce implementation time and focus on their projects, instead of the software. We are delighted to launch our turnkey deliveries of AC Plus solutions with one of the most respected names in US banking,” said Ger Rosenkamp, CEO of Asset Control.

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 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.