Merrill Lynch Asset Management Canada has selected Financial Models Co. to outsource its entire reporting services. Separately, FMC is launching a new service with the DTCC for automated reconciliation, providing complete data gathering on custodial information for clients of RECON, FMC's reconciliation system. FMC will be delivering all the data for trade reconciliation from DTCC as a value-added service to RECON users. The system is intended to offer money managers with daily updates on their positions rather than on a weekly basis.
ING Barings' Financial Markets division has committed to providing foreign exchange liquidity to CFOWeb.com, Integral Development Corp.'s capital markets trading portal. Although ING Barings is currently only prepared to offer FX products online, it will consider offering other products in the future. In addition to trading, CFOWeb.com is designed to offer its 2500 members research, portfolio and risk management. ING Baring joins Bank of America, BNP Paribas, Standard Chartered, AIG International and ABN Amro who have also committed liquidity to the new online system.
Financeware.com, an application service provider for the financial services industry, has completed the company's first round of institutional financing worth $8 million. TD iCapital, a venture fund launched by TD Capital and TD Waterhouse, is leading the round. Also participating are Mellon Ventures and FBR Financial Fund II. Financeware will use these funds to continue product development and increase business development and marketing efforts. The company plans to offer an expanded suite of online tools beyond its first site FinancialPlanAuditors.com.
InvestorForce.com, an online provider of content, community and commerce for institutional investors, has signed an exclusive agreement to host a Web site for COLT USA, a Louisiana-based professional association for fiduciaries. Under the terms of the agreement, InvestorForce.com will build host and maintain the COLT Web pages on the InvestorForce.com site, making the content available to its registered plan users. The intent is to offer institutional investment professionals with a broader array of services, capabilities and content to help them manage their plans more effectively.