SunGard Wealth Management Services, a subsidiary of SunGard, announced yesterday it will acquire two subsidiaries of London Pacific Group that provide Web-based technology to financial institutions offering managed accounts or separately managed accounts. SunGards acquisition of the units, London Pacific Advisory Services and London Pacific Securities, is expected to close next month. The value of the deal was not released.
SunGard has been working with London Pacific for the past year to integreate the two firms technologies.
"By combining London Pacifics capabilities with SunGards products and services, we have produced an end-to-end solution for the managed-account industry that incorporates consolidated reporting," said Don Birdwell, chief executive officer of SunGard Asset Management Systems. "LPAs 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."