Wachovia Corporate Trust, part of Wachovia Corporate and Institutional Trust, announced today the launch of Wachovia Auction Direct. The new system provides full-service auction agent capabilities for issuers and broker-dealers by allowing accurate and efficient online bidding of auction rate securities.
"Enhancing our auction agent services demonstrates our commitment to investing in our corporate trust business and providing the latest technology to our clients. By offering auction agent services to clients, we make it easier for them to depend on us for all their trust needs," said Linda Delaney, managing director of Corporate Trust for Wachovia.
Wachovia's auction agent services include:
- Customized reporting
- Floor and ceiling rate determination
- Ability for broker-dealers to place online bids
- Completion of the auction process
- Determination of the winning bid rate
- Reporting of results to issuer and participating broker-dealers
- Acting as a liaison among trustees, issuers, broker-dealers and security depositories
Wachovia also can serve as trustee, paying agent and transfer agent and has a centralized, dedicated team of auction agent specialists based in New York City who can provide accurate reports and respond to inquiries with speed and confidentiality. Wachovia Auction Direct, powered by Grant Street Group, also offers auction calendars, daily summaries, CUSIP summaries and real-time auction results.
Wachovia Corporate and Institutional Trust offers retirement services, custodial services and investment management, conventional and structured finance trust solutions, equity services, information management and claims processing, and Investment Holding Company (IHC) services to institutional clients worldwide. Based in Charlotte, N.C., Wachovia Corporate and Institutional Trust has 37 locations in 17 states plus the District of Columbia.
Wachovia Corporation (NYSE:WB) is one of the largest providers of financial services to retail, brokerage and corporate customers throughout the East Coast and the nation, with assets of $364 billion and stockholders' equity of $32 billion at June 30, 2003. Its four core businesses, the General Bank, Capital Management, Wealth Management and the Corporate and Investment Bank, serve 9 million households, including 900,000 businesses, primarily in 11 East Coast states and Washington, D.C. Its broker-dealer, currently operating under the names Wachovia Securities, LLC, and Prudential Securities Division of Wachovia Securities, LLC, serves clients through 700 offices in 48 states. Global services are provided through more than 30 international offices. Online banking and brokerage products and services also are available through wachovia.com.