Federated Investors of Pittsburgh, Pa. has purchased InvestLink Technologies from United Asset Management Corp. of Boston. InvestLink of New York is a software developer and marketer of systems for the record-keeping, administration and servicing of defined contribution plans. Terms of the sale were not disclosed.
UAM is shedding its non-core activities in order to focus on its investment management activities, said Norton Reamer, UAM's chairman and CEO, in a statement. UAM purchased InvestLink in February 1997.
"We would like to increase our visibility in the 401(k) marketplace," said a Federated Investors spokesperson. InvestLink gives the $125 billion asset manager a greater connection with the world of managed retirement assets as well as allowing it to become a key player in the third party administrator marketplace, the spokesperson said.
Founded in 1996, InvestLink will remain in New York.