WestLB Securities Inc. Goes Live on ADP Operations Outsourcing Solution
January 29, 2007 at 08:00 AM EST
New Solution Drives Down Costs and Increases Efficiency
ADP Clearing & Outsourcing Services (ADP), a division of Automatic Data Processing, Inc. (NYSE: ADP), today announced that WestLB Securities Inc. (WestLB) is outsourcing to ADP a range of operations functions relating to clearing and custody. WestLB, the first institutional client on this service, will remain a separate self-clearing broker dealer.
This unique offering enables WestLB to remain a self-clearing entity on ADP's Brokerage Processing Services (BPS) back-office technology while using ADP's centralized operations staff to maximize economies of scale. This highly flexible solution allows WestLB the opportunity to outsource certain operations activities and back-office functions without impacting the customer experience.
Pino Vallejo, Executive Director, WestLB said, "After a thorough analysis, we determined that outsourcing some of the labor-intensive functions of our back-office operations was the most cost efficient way to grow our business. It allows our management team to focus their efforts on areas of our business which differentiate us from our competition. The conversion onto ADP Operations Outsourcing went very smoothly and we are enthusiastic about going forward with this service."
Operations Outsourcing, a unique offering in the marketplace, allows ADP service bureau clients to outsource a variety of the operational, labor-intensive functions relating to trade clearance, settlement and custody while continuing to remain a separate self-clearing broker. This customized solution affords any client the opportunity to continue to manage its core business with no impact to its front office and its customers while continuing to control its financing and related activities.
"We are delighted to expand our long-term partnership with WestLB. This solution will reduce costs while allowing WestLB to take advantage of ADP's economies of scale and dedication to World Class Service," said John Hogan, co-President, ADP Brokerage Services Group.
Operations Outsourcing is part of ADP's three-tier strategy to offer any brokerage firm, regardless of size, the appropriate range of outsourcing services to best meet its individual needs on a single technology platform, including service bureau, operations outsourcing, or correspondent clearing services.
In addition, WestLB uses ADP's Gloss for international trade processing, impact and Brokerage Processing Services (BPS) for its North American fixed income and equities processing respectively. In addition, ADP distributes WestLB's confirmations, statements, and prospectuses. WestLB currently outsources its reorg and proxy business to ADP.
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 brings to financial intermediaries advanced, integrated systems for securities processing, desktop productivity and investor communication services, all focused on providing solutions for straight through processing and World Class Service.
ADP, with nearly $9.0 billion in revenues and more than 570,000 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.
WestLB AG is one of Germany's leading financial services providers with offices in the world's largest financial centers. The firm provides financial advisory, lending, structured finance, project finance, capital markets and private equity products, asset management, transaction services and real estate finance to institutions. WestLB has total assets of more than EUR 292 billion, as of September 30, 2006. For more information, please visit www.westlb.com
In the United States, certain securities, trading, brokerage and advisory services are provided by WestLB's wholly owned subsidiary WestLB Securities Inc., a registered broker-dealer and member of the NASD and SIPC.