SunGard Wealth Management Services has entered into a definitive agreement to acquire London Pacific Group's Securities and Advisory Services subsidiaries (LPA), for an undisclosed sum.
SunGard and LPA have worked together under an alliance agreement for the past year to integrate their products. As a result LPA has developed a Web-based turnkey asset management product that guides users through the steps to sell and build customised managed-account investment strategies.
Don Birdwell, chief executive officer, SunGard Asset Management Systems, says LPA's capabilities combined with SunGard's products and services will produce an end-to-end solution for the managed-account industry that incorporates consolidated reporting.
"LPA's offering complements our product line by creating a true open-architecture, private-label solution for managed accounts that can be integrated for all of our customers," says Birdwell.
The transaction is expected to close in June, subject to London Pacific's shareholder approval.