Deals & People December 3, 2008

PlanSource Acquires Instant Benefits Network

PlanSource said it will now be able to manage a broker’s entire book of business under one solution.
Reported by

PlanSource, a Web-based HR and benefits administration company serving brokers and benefits professionals, acquired Instant Benefits Network (IBN), a provider of Web-based products and services for brokers in the small- and medium-sized business market, according to a press release.

This merger nearly doubles the company’s broker network, PlanSource said. The company expects the new partnership to round out a suite of services for brokers; IBN’s products focused on smaller groups will complement PlanSource’s products suited for medium-sized groups.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

“Joining forces with PlanSource allows us to progress from simply collecting medically underwritten information on small groups to managing the entire benefits procurement and administrative process,’ said IBN CEO and Founder Steve Kutina, in the release.

Deals & People December 3, 2008

FolioDynamix Joins DTCCs Managed Accounts Service

The Depository Trust&Clearing Corporation (DTCC) said FolioDynamix, a provider of technology platforms and services to the managed accounts industry, has joined DTCC’s Managed Accounts Service.
Reported by

FolioDynamix offers technology and investment service solutions to sponsors, registered investment advisers, asset management firms, and banks. Citing Cerulli Associates, a press release said FolioDynamix has a 6% market share of the managed account consultant programs in the U.S.; managed account assets under management were $16 billion at the end of the third quarter 2008.

“By connecting to the Managed Accounts Service, we’ll be able to offer our client base a straight-through connection to a platform that is a breakthrough solution for this industry,’ said Aaron Schumm, senior vice president in charge of Product for FolioDynamix, in the press release. “This kind of one-to-many communications network can have a significant effect on the industry, because for the first time members will be able to grow their businesses without the counterproductive expense of supporting multiple technology platforms and proprietary systems. The net effect allows sponsors and investment managers to gain operational efficiencies, while helping to minimize investment time delays for the end client.’

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

The Managed Accounts Service is supported by DTCC’s post-trade infrastructure. Citi’s Smith Barney and Global Transaction Services are in full production with the Managed Accounts Service, and an additional 15 firms are currently programming or have announced their commitment to use the service, according to DTCC. These include JPMorgan, UBS Financial Services Inc, Dreyfus Investments, SunGard Transaction Network, and Peridrome Corporation.

«