SOURCE: Fi-Tek LLC

December 02, 2008 08:00 ET

Fi-Tek Launches Integrated Wealth Management Solution on .NET Platform

EDISON, NJ--(Marketwire - December 2, 2008) - Fi-Tek, LLC, a wealth management solutions provider for the financial services industry, and the Northern Trust Company today announced the release of TrustPortal, a fully integrated, straight-through solution for trust management. Incorporating investment management, trust administration and comprehensive taxlot trust accounting features into one platform based on .NET architecture, TrustPortal 1.0 provides clients with accurate and instantaneous flow of data between accounting and investment management, significantly reducing reconciliation and errors, and allowing clients to respond proactively and immediately to changing market conditions.

The TrustPortal provides a full suite of products, including investment management with electronic trade execution, compliance, administration, accounting, operations, automated account review, extensive web-based report engines, and with a host of third party interfaces including complete custody reconciliation.

Unlike most other offerings in its class, TrustPortal 1.0 seamlessly manages data between trading, investment management and accounting automatically, and accurately reflects true position and cash balances at any point in time. TrustPortal manages and automates these processes through the full life cycle of the transaction, significantly improving productivity and reducing errors. Built upon a highly scalable platform, TrustPortal can easily scale from a few hundred to tens of thousands of accounts.

Fi-Tek also announced the general availability of TrustPortal ASP, with software as a service model for clients, including complete hosting, business continuity, backup, monitoring, and disaster recovery services for the TrustPortal through secured SAS70 datacenters of the largest service providers in the country. These new services will alleviate the need for TrustPortal users to have to manage software and hardware, allowing them to focus attention on managing their business at an affordable price.

Subir Chatterjee, President and CEO of Fi-Tek LLC, states, "The TrustPortal is an extremely flexible and easy to use tool for the front, middle and back office, enabling users to perform the most complex wealth management functions in an automated way, thus delivering the highest quality of service at greatly reduced cost."

TrustPortal is the evolution of Trust/Rite, the leading Trust Accounting application developed by Fi-Tek, in partnership with The Northern Trust Company. Over 135 trust organizations across the United States, with more than $100 billion in combined trust assets, use TrustPortal as either a locally deployed or Fi-Tek ASP hosted solution.

For more information about TrustPortal's partnership with Northern Trust Correspondent Services, please contact David Batrich at 312-557-2890.

About Fi-Tek, LLC

Fi-Tek, LLC provides innovative wealth management software products and world-class business solutions to financial service providers and their customers worldwide. Offering alternative investment and trust solutions since 1998, Fi-Tek's state-of-the-art software solutions and professional services enable its clients to efficiently grow and manage complex businesses with minimum resources, deliver premier financial services, improve communications and make informed decisions on behalf of their customers. More than 160 financial institutions around the world use Fi-Tek solutions to manage and service nearly $0.5 trillion in assets. Fi-Tek is both SAS70 Type II and ISO 9000/200X compliant. For more information, visit www.fi-tek.com.

About Northern Trust

Northern Trust Corporation (NASDAQ: NTRS) is a leading provider of investment management, asset and fund administration, fiduciary and banking solutions for corporations, institutions and affluent individuals worldwide. Northern Trust, a financial holding company based in Chicago, has a growing network of 85 offices in 18 U.S. states and has international offices in 15 locations in North America, Europe, the Middle East and the Asia-Pacific region. As of September 30, 2008, Northern Trust had assets under custody of US$3.5 trillion, and assets under investment management of US$652.4 billion. Northern Trust, founded in 1889, has earned distinction as an industry leader in combining exceptional service and expertise with innovative products and technology. For more information, visit http://www.northerntrust.com.

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