Advisor Software Inc. of Lafayette, Calif., has bought Advisor Partners LLC, to expand its offerings to registered investment advisers and organizations.

With the acquisition last week of the registered investment advisor that focuses on money management, Advisor Software will be able to move into managed account relationships more quickly than it would have on its own, said Neal Ringquist, president and chief operating officer of Advisor Software.

Advisor Partners has three core products that allows advisers to outsource investment management, he said. It has a separately managed accounts program, which tries to replicate the Standard & Poor’s 500, without any taxable gains, by managing the underlying basket of securities and offsetting the gains and losses throughout the year. It also offers an ETF wrap account for an advisor who wants to outsource the investment management of smaller accounts; and a modeling program that provides the weights and picks the particular investments, while allowing the advisor to provide the ongoing management of the cash reporting through their back office relationships.

“Our acquisition of Advisor Partners is an ideal extension of our core strength – partnering with financial institutions and advisors to help investors achieve their financial goals,” said Andrew Rudd, chairman and chief executive officer of Advisor Software. “By expanding our capabilities with Advisor Partner’s unique investment management programs, we will be able to offer clients our institutional-caliber wealth planning software as well as cutting-edge investment strategy alternatives.”

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