GRAND RAPIDS, Mich. - Old Kent Financial Corp. will process its more than $10 billion of trust assets with a system from Sungard Asset Management Systems of Birmingham, Ala.
The deal came in response to the news that Old Kent's previous supplier is leaving the trust accounting business.
After taking proposals from new vendors for more than a year, Old Kent chose Sungard's OmniTrust system. Old Kent, which ranks among the top 100 banking companies in terms of trust assets, will run the software in-house.
It did not disclose an installation schedule but said it did not expect any significant disruption of service as a result of the conversion.
Old Kent operates in Michigan and northeastern Illinois, and $6 billion of its trust assets are discretionary funds managed for clients.
Sungard is a wholly owned unit of Sungard Data Systems Inc.