ADP Selected by IFMG Securities, Inc. for Back Office Outsourcing
NEW YORK, New York -- August 21, 2006 -- ADP Brokerage Services Group (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), today announced that IFMG Securities, Inc. (IFMG) has signed a multi-year contract for ADPís Brokerage Processing Services (BPS) back-office solution.
IFMG Securities, Inc., a subsidiary of the U.S. division of Sun Life Financial, Inc., (NYSE: SLF) (TSX: SLF) (PSE: SLF) is a prominent leader in providing financial institutions nationwide with a portfolio of investment and insurance products and in delivering programs that support customer acquisition and retention. ADPís substantial investment in technology will enhance IFMGís ability to deliver leading-edge technology solutions to address customersí needs related to business growth and system scalability.
ADPís mutual fund processing technology was a key factor in the selection process. It provides a consolidated stock record view of all mutual funds resulting in improved compliance and surveillance capabilities. It gives IFMG the ability to convert Network Level 0 mutual funds to Level 4, which provides detailed real-time account information; and offers better integration at point-of-sale with ADPís Mutual Fund Order Routing System (MFRS). Other benefits include real-time integration with IFMGís front end automated account opening and approval system, as well as compliance reporting, which tracks investment suitability, share class threshold, and break point monitoring and churning of mutual funds.
ďADPís innovative technology allows IFMG to focus on our customersí needs, which ultimately helps us grow our business,Ē said Roni Mizrahi, CIO, IFMG.
ďWith BPS as the processing backbone, IFMG is well-positioned for growth,Ē commented Charlie Marchesani, General Manager, ADP Brokerage Processing Services. In an effort to improve operating efficiencies, IFMG also reduced risk and exposure to trade volume fluctuations by converting fixed back-office costs to variable costs, providing Independent Financial with significant economies of scale for future growth.
About ADP Brokerage Services Group
As the premier provider of transaction services to the financial industry, ADP has the capacity and technological expertise to assist its clients in differentiating themselves in the marketplace. ADP presents financial intermediaries advanced and integrated systems for securities processing, desktop productivity and investor communication services, all focusing on providing solutions for straight through processing and World Class Service.
ADP, with $8.0 billion in revenues and more than 600,000 clients worldwide, is one of the largest providers of a broad range of premier, mission-critical, cost-effective transaction processing and information-based business solutions. For more information about ADP Brokerage Services Group, please visit www.bsg.adp.com and for other ADP services and investor information, please visit www.adp.com.
About Independent Financial
Since 1983, Independent Financial has been a prominent leader in providing banks, savings and loans, and credit unions nationwide with a portfolio of investment and insurance products, plus the sophisticated infrastructure necessary to support their sale. Independent Financial is a member of the Sun Life Financial group of companies. For more information, please visit www.ifmg.com.
About Sun Life Financial
Sun Life Financial is a leading international financial services organization providing a diverse range of wealth accumulation and protection products and services to individuals and corporate customers. Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. As of June 30, 2006, the Sun Life Financial group of companies had total assets under management in excess of US$346.7 billion.
Sun Life Financial Inc. trades on the Toronto (TSX), New York (NYSE) and Philippine (PSE) stock exchanges under ticker symbol SLF.
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