Central Fidelity has opted to switch servicing for its sizable trust business from Mellon Bank Corp. to M&I Data Services, with plans to soon move the processing in-house.
M&I Data Services, a unit of Marshall Ilsley Corp., will begin converting Central Fidelity's $6 billion trust portfolio in December. After eight months, Central Fidelity will bring the processing in-house, using M&I's Trust System software.
Central Fidelity's trust business is currently run on Mellon's Infiserv system.
Jim Wheeler, the vice president of Central Fidelity's Financial Services Group, said M&I's system was chosen because it "offers a great deal of flexibility."
