SunGard has acquired The Astec Group, a specialist research consultancy and provider of information products and analytics on securities finance. Terms of the deal were not disclosed.
Founded in 1980, Astec has over 300 public funds and organisations and more than 80 mutual fund families in its research cooperative. The company also provides information products, analytics, technical services and securities finance tools to over 50 organisations worldwide. Astec's Lending Pit, Index Data Feed and Loan Monitor provide securities lending data aggregation, analysis and program reviews for beneficial owners, custodian banks, broker dealers and hedge funds.
Astec will become part of SunGard's securities finance operations, within the company's capital markets and investment banking business. Ed Blount, founder of Astec, will continue to manage the business, reporting to Brian Traquair, president of SunGard's capital markets and investment banking business.
"Astec brings to SunGard more than twenty years of experience, a comprehensive reference dataset and a reputation for rigorous analysis and innovative solutions that provide real information to securities finance professionals," says Traquair. "What this means is that we are now able to provide our customers with an enhanced range of tools for performance analysis and industry transparency."