FSCI, a provider of practice management software for independent advisers, produces a flagship prodcut called dbCAMS+, which will be incorporated into Morningstar’s Principia product line.
The practice management system allows advisers to track and produce client reports as well as manage client contact information and billing, according to a release.
Morningstar said the addition is in response to strong demand for integrated portfolio management solutions within Principia, a CD/DVD software for financial advisers. Principia combines Morningstar proprietary research, data, and analysis capabilities with investment planning and communication tools. Morningstar expects to rebrand the product within the next year.
Founded in 1981 in Oakland, Maryland, FCSI has about 35 employees in Oakland, Maryland, and currently has more than 8,000 licensed users of dbCAMS+, according to the release.
“For more than two decades, Morningstar and FCSI have been advocates for the independent adviser, providing powerful technology and content to help independents stay competitive and serve clients better,’ said David “Dusty’ Huxford, Jr., president of FCSI, in the release. “This common goal made Morningstar a strategic choice for the acquisition of our company.’
Morningstar said the complete acquisition is scheduled for September 2008. More information is available at global.morningstar.com/FCSI.