LOS ANGELES, Sept. 10, 2019 /PRNewswire/ -- InvestCloud, a platform for the development of financial digital, pre-integrated cloud solutions with $2 trillion+ in assets, today announced that Westwood Holdings Group, Inc. (NYSE:WHG), a leading investment manager to institutional investors, private wealth clients and financial intermediaries, has chosen to utilize the company's entire suite of products.
Westwood will leverage InvestCloud's platform to expand its digital capabilities, to enhance data aggregation and warehousing and improve trade-order processing and accounting functions. Westwood will also benefit from improved performance analytics and true multi-currency/multi-asset class portfolios across all business lines.
An average investment manager typically works with more than two dozen different applications, often including legacy technology that has little-to-no ability to integrate with other financial software. As digital transformation continues in the financial industry, clients will require an integrated, all-digital solution that not only solves their needs, but also provides anytime, anywhere information.
With InvestCloud's modular and scalable software, Westwood expects to achieve an approximate 50 percent cost saving and reduce reconciliation time for all accounts by up to 80 percent. The company deployed InvestCloud's Overlay, Leverage, Replace (1-2-3) methodology seamlessly and quickly, replacing legacy accounting systems. Anticipated results include the elimination of annual releases and the centralization of all systems in one easily accessible location that supports domestic and international clients.
InvestCloud's financial digital solutions provide clients with intuitive financial platforms and an ever-expanding library of modular apps. The company's Programs Writing Programs (PWP) approach is a 'code generating code' methodology that enables InvestCloud's clients and third parties to build customized solutions.
"We chose InvestCloud because they are the only FinTech company that has solved the digital transformation needs of the investment management industry," said Fabian Gomez, COO at Westwood. "We have a philosophy of 'go digital or die' and wanted to do this without creating a massive IT department. InvestCloud is a modern, innovative solution that will enable us to grow and retain our clients while ensuring we have better operational efficiency within a single ecosystem. With our installation complete, we have successfully modernized and future-proofed customer interactions."
"Westwood's selection of InvestCloud's suite is a testament to how industry leaders can seamlessly manage all their accounting needs," said John Wise, InvestCloud's Co-founder, CEO and Chairman. "By using our platform, Westwood was able to bring all systems into a modern, all digital solution specifically designed to meet the needs of wealth and institutional asset managers. Westwood is at the forefront of the digital transformation practices, and deploying our platform is a crucial move to ensure wealth managers can respond to growing investor demands for leading-edge, highly personalized services."
Westwood has US$15.4 billion in assets under management as of June 30, 2019. As part of their digital transformation, Westwood will use the InvestCloud digital platform across multiple business lines, including the Westwood Funds® family of mutual funds, Institutional Asset Management and Wealth Management lines.
As part of the digital transformation, Westwood will use InvestCloud's digital client communication platform Blue, portfolio analysis solutions with InvestCloud Black, digital warehousing through InvestCloud Orange, and trading and accounting apps with InvestCloud Green.
About InvestCloud Inc.
Headquartered in Los Angeles with a global presence – including offices in New York and London – InvestCloud is a Digital Platform to enable the development of first-class, financial digital solutions, pre-integrated into the cloud. By empowering investors and managers with a single version of the integrated truth through its unique digital platform, InvestCloud creates beautifully designed client experiences and intuitive operations solutions using an ever-expanding library of digital modular apps. The result? Powerful products for individual investors and institutions alike, assembled on-demand to meet clients' specific needs.
Today the InvestCloud platform supports some of the largest banks in the world with substantial assets. In addition, for managers under $50 billion, InvestCloud supports over $2 trillion+ of assets across 700+ diverse clients – from wealth managers, institutional investors & institutional asset managers to family offices, asset services companies, financial platforms & banks.
For more information, visit investcloud.com