Merrill Lynch Teams With MSP On Investment Portal - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

Merrill Lynch Teams With MSP On Investment Portal

In the high-stakes world of online institutional brokerage services, investors demand up-to-the-minute research and timely trade execution. To help meet those needs, Merrill Lynch & Co. is unveiling a plan for management service provider Aptegrity Inc. to oversee applications on the Merrill Lynch Exchange, its proprietary Web portal.

Although the financial-services firm won't disclose the value of the contract, Merrill Lynch is paying Aptegrity a monthly fee to develop add-on capabilities, troubleshoot, and distribute a number of debt, client-service, and equity applications. Such a partnership is key to helping Merrill Lynch deliver dozens of enhancements each week, says Michael Packer, the head of Merrill Lynch's institutional E-commerce efforts. "Working at this pace to enhance research tools and provide new capabilities requires us to partner," he says. "We couldn't do this on our own."

In 1999, Merrill Lynch tapped internal business and IT staff as well as external service providers to develop the Exchange and its applications for delivering market research and performing trade execution, clearing, and account settlement. Merrill Lynch's institutional clients, which include fund managers such as Fidelity Investments and businesses such as Ford Motor Co., made $1.9 trillion in trades in 2000 over the firm's E-commerce platforms.

Tower Group, a research firm that studies banking technology, estimates Merrill Lynch will spend nearly $3 billion on technology this year-at least $500 million more than competitors Morgan Stanley Dean Witter and the Goldman Sachs Group. Although Merrill Lynch was slow to provide online investment capabilities, Packer's strategy of using internal and outsourced IT staff helped the firm come a long way in a short time, says Forrester Research analyst Todd Eyler.

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
2020 State of DevOps Report
2020 State of DevOps Report
Download this report today to learn more about the key tools and technologies being utilized, and how organizations deal with the cultural and process changes that DevOps brings. The report also examines the barriers organizations face, as well as the rewards from DevOps including faster application delivery, higher quality products, and quicker recovery from errors in production.
News
How to Create a Successful AI Program
Jessica Davis, Senior Editor, Enterprise Apps,  10/14/2020
News
Think Like a Chief Innovation Officer and Get Work Done
Joao-Pierre S. Ruth, Senior Writer,  10/13/2020
Slideshows
10 Trends Accelerating Edge Computing
Cynthia Harvey, Freelance Journalist, InformationWeek,  10/8/2020
Register for InformationWeek Newsletters
Video
Current Issue
[Special Report] Edge Computing: An IT Platform for the New Enterprise
Edge computing is poised to make a major splash within the next generation of corporate IT architectures. Here's what you need to know!
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll