Innovest Systems

Innovest Systems built trust accounting software for fiduciary institutions and was bought by SS&C Technologies, which completed the deal on 18 May 2020. The Innovest product line is now sold within SS&C Black Diamond as its trust suite, and the old Innovest web address forwards there. At acquisition, SS&C described the flagship InnoTrust as cloud-based software for trust accounting, payments and asset servicing.

Services

• Trust accounting and reporting: real-time principal and income accounting, tax reporting, fee calculation and billing, with IRA, ERISA and RMD support.
• Payment processing: high-volume handling of qualified and non-qualified plan distributions, with tax calculations, cheques, ACH and wires.
• Unique asset servicing: record-keeping for oil and gas holdings, mineral rights, property and privately held companies.
• Managed back-office services: cash reconciliation, asset setup, custody settlement and income processing.
• Outsourced paying agent services: payment work run fully by SS&C staff.

Customers and markets

Banks, private banks and trust companies, along with family offices, wealth managers, retirement plan providers and other fiduciary businesses.

Key facts

• Based in: United States, with staff in New York, Sacramento and Arlington, Texas at acquisition
• Owner: SS&C Technologies, since May 2020
• Team: More than 150 staff at the time of the deal
• Flagship product: InnoTrust