SunGard Investment Management Systems has acquired Financial Technologies Incorporated (FTI), a Miami-based provider of portfolio administration and accounting software to private equity firms. Financial terms of the deal were not disclosed.
FTI's flagship product, Investran, delivers investment and partnership accounting, portfolio management, reporting and analysis and investor servicing to private equity and alternative assets investment organisations. The product has nearly 130 customers.
SunGard says Investran's management team will continue to manage the company from Miami.
Jack McArdle, group CEO, SunGard Investment Management Systems, says the acquisition "strengthens our existing solution suite by providing a powerful software solution for the private equity space".
Separately, SunGard Securities Processing has secured a multi-year contract for its Phase3 securities processing system with Boston-based institutional broker-dealer Adams Harkness.
Adams Harkness has gone live with the ASP system, which it uses to manage its US equities transaction processing, clearance and settlement.
SunGard says Adams Harkness uses Phase3's real-time interfaces with the Omgeo Alert global database for settlement and account instructions and the Omgeo Oasys US trade allocation and acceptance service, in order that information entered into Oasys is automatically updated in Phase3 in real-time.
In addition, the firm is using the Phase3 system to copy information to internal systems for generating management reports as well as profit and loss reporting on trading activity.
Stephen Zak, chief financial officer at Adams Harkness, says Phase3 provides "a more integrated, straight-through trade flow that helps reduce manual and redundant tasks, provides flexibility in the use of our data, and helps improve our efficiencies while containing costs".
Furthermore, KBC Alternative Investment Management Limited (KBC AIM) has licensed the Front Arena platform from SunGard subsodoary Front Capital Systems, which it will use to manage its trading oprations at its offices in London and New York.
KBC AIM, which is the cross asset arbitrage hedge fund arm of the KBC Group, will roll out Front Arena, integrated with its in-house proprietary models, to manage options arbitrage and capital structure arbitrage funds and support cross asset strategies.
Commenting on the Front Arena system, Mike Williamson, head of technology at KBC AIM, says: "It allows us to price, position-keep and risk manage our entire operation in one single platform."
The system is expected to go live at KBC AIM in Spring 2005.