SS&C Technologies acquires Investment Advisory Network
22 January 2004 | 3749 views | 0
US investment management software vendor SS&C Technologies has acquired Investment Advisory Network (IAN), a provider of Web-based wealth management systems, for $3 million in cash.
IAN provides an Internet-based platform aimed at financial advisors who offer managed accounts to the private wealth market. The system covers pre-sale investment selection processes through to post-sale portfolio management and reporting requirements.
Under the deal, IAN's Michael Winnick will head up SS&C's new business unit as vice president and general manager. Commenting on the acquisition, Winnick says: "The management, scale and robust financial strength of SS&C are three key elements of delivering the IAN platform nationwide."
Bill Stone, chairman and CEO, SS&C, says: "We like IAN's approach of providing large-scale wealth management providers an ASP/BPO solution. IAN gives advisors a feature-rich solution for meeting the growing demands of this mushrooming market."