PFPC, the fund services group, has completed its acquisition of ADVISORport, enabling PFPC to service both managed account sponsors and money managers in the US market.
ADVISORport joins PFPC's managed account services business unit, which provides technology and managed account services to enterprise sponsors, registered investment advisors and money managers. Terms of the agreement were not disclosed.
Timothy G. Shack, President and CEO of PFPC, said: "The acquisition of ADVISORport enables PFPC to provide our clients with a formidable array of fully functional managed account services in an open architecture environment."
According to Thomas Sholes, senior vice president and managing director of PFPC's managed account services: "ADVISORport application service provider (ASP) platforms are the leading full infrastructure, unified managed accounts (UMA) solution for enterprise organizations looking to outsource the processing of their fee-based business." He noted that these platforms currently service 45,000 accounts representing over USD 14 billion for approximately 100 clients.
The online platforms offered by PFPC managed account services are employed by the enterprise market, including broker-dealers, bank/trust companies and insurance companies, as well as by networks of independent advisors, and money management firms.
With links to 11 custodians, the platforms integrate separate account money managers, multi-strategy accounts, mutual funds, fee-based brokerage accounts, exchange traded funds and hedge fund product solutions with client profiling tools, asset allocation analysis, performance monitoring, rebalancing models and customized proposal and report generation.
Gregory S. Horn, founder and CEO of ADVISORport, said: "During a prior joint initiative between PFPC and ADVISORport, it became increasingly apparent to both organizations that our respective teams worked well together and shared a commitment to providing superior infrastructure capabilities to clients. PFPC's outsourcing expertise and scale and our platforms are a formidable combination."
ADVISORport currently has over 50 employees located in Plymouth Meeting, PA, who will become employees of PFPC's managed accounts services business unit.
Backround Note: PFPC is the largest full-service mutual fund transfer agent and the second largest provider of mutual fund accounting services in the US. PFPC also provides distribution, sub-accounting and managed account services, advanced output solutions, custody, securities lending, integrated banking transaction services and alternative investment services. PFPC's affiliate, PFPC International Ltd., based in Dublin, Ireland, has served the international funds community since 1993.
copyright hedgeweek 2003