MG Trust Uses Innovest's InnoTrust System for Daily Valuations for its Clients' Common Trust Funds
New York, March 16, 2010 – Innovest Systems, LLC, a financial technology firm specializing in trust accounting and wealth management solutions, announced that its clients are now processing valuations for over 370 common trust funds and pooled income funds with a $1.2 billion market value utilizing Innovest's state-of-the-art fund administration solution. Using Innovest's flagship product, InnoTrust, a trust accounting and wealth management platform, financial institutions and not-for-profit firms are able to perform daily valuations which facilitate entry and exit from funds ondemand. InnoTrust valuation functionality allows for cash and accrual basis, including daily fee accruals, as well as trade date or settlement date valuation and income distribution.
Scott Pearson, Denver-based MG Trust Company's president, said, "Using Innovest's functionality to provide fund administration and daily valuation to our customers enables us to provide them with a powerful competitive advantage. Our customers are seeking to offer flexible solutions that allow their clients to make timely investment decisions. The efficiency of Innovest's platform allows MG Trust to scale its fund administration business while staying focused on providing a high-quality solution." MG Trust Company is one of the nation's largest providers of back-office, trust, custody, and, through other Matrix Financial Solutions companies, trading and mutual fund settlement services for financial institutions.
"We are pleased to be working with MG Trust Company and other leading financial and not-for-profit firms that are leveraging our fund administration functionality," said William Thomas, Innovest Systems' chief executive officer. "Our clients have used collective investment, common trust, and other pooled investment funds as flexible alternatives to SEC-registered funds. InnoTrust's fund administration capabilities automate much of the administration process, including the striking of net asset values, increasing the efficiency of these investments," he added.
About Innovest Systems
Innovest Systems, LLC is a financial technology firm that provides technology-driven solutions to trust and wealth management companies. With assets worth tens of trillions of dollars transferring between generations over the coming decades, Innovest's flagship product, InnoTrust, is designed to deliver a secure, integrated, real-time system offered in an Application Service Provider (ASP) environment. Innovest's technology is designed to meet the needs of smaller independent trust and wealth management companies, as well as the world's largest global financial services firms. Innovest is headquartered in New York City. For more information about Innovest Systems, visit www.innovestsystems.com.
About MG Trust Company
A wholly owned subsidiary of Matrix Financial Solutions, MG Trust provides custodial, trust and/or cash agent services for approximately 28,000 plan accounts and more than $28 billion in assets. MG Trust supports third-party administrators who desire a trust organization committed to providing outstanding customer service for its plan customers. MG Trust is also a trust member of the National Securities Clearing Corporation. For more information, visit us online at www.matrixfinancialsolutions.com.
About Matrix Financial Solutions
Matrix Financial Solutions is one of the nation's largest providers of products and services for third party administrators (TPA's), financial advisors, banks and wealth management professionals. Formerly known as MG Colorado Holdings, Inc., Matrix Financial Solutions, through its wholly owned subsidiaries serves more than 300 financial institutions and over $95 billion in assets on its trading and trust platform. Based in Denver, Colorado, Matrix Financial Solutions consolidates trust, trading, communications and technology into one organization with a single focus: to deliver the most streamlined, user-friendly and cost-effective financial services to its customers. For more information, visit us online at www.matrixfinancialsolutions.com.
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Media: Fraylie Nord