First Union Corp. is upgrading the systems it uses to keep track of its 80,000 trust and custody accounts.
To do so, the Charlotte, N.C., banking company, which handles more than $150 billion in trust and custody accounts from Florida to Connecticut, is working with a unit of SunGard Trust & Shareholder Systems Group, Birmingham, Ala.
After running a successful test of SunGard's Trustware 11 asset management system, First Union executives are planning to set it up for both account managers and clients.
"One issue First Union has is, we can't allow systems capability to limit our growth," said Chester F. Galezio, senior vice president and director of operations for First Union's capital management group.
"It basically allows us to more than double our current customer base," he added.
Mr. Galezio said First Union's trust and custody business has been growing at a rapid pace due to the company's merger with New Jersey's First Fidelity Bancorp. The deal brought First Union accounts in seven northern states.