Wilmington, Del. (Sept. 22, 2003) -- PFPC Worldwide Inc., a leading provider of mutual fund wrap services and a member of The PNC Financial Services Group Inc., is strengthening its foothold in the separately managed account arena with the acquisition of Web-based managed account provider ADVISORport.
ADVISORport will become part of PFPC’s managed account services business unit, which provides technology and managed account services to enterprise sponsors, registered investment advisors and money managers. The deal is slated to close in mid-October. Terms were not disclosed.
PFPC managed account services will retain the ADVISORport brand name for its managed account technology platform. The two systems have been fully integrated since early 2003.
"After executing a marketing agreement with PFPC in 2002, it became clear that their resources, embedded relationships and scale processing expertise could help us to better serve the outsourcing needs of our large enterprise relationships," said Gregory S. Horn, founder and CEO of ADVISORport.
ADVISORport currently services 40,000 accounts representing over $13 billion for 100 clients.
-- WebCPA staff
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