SunGard announced Thursday that it has acquired Chattanooga-based ProNvest, a provider of managed account services.
ProNvest provides retirement account management to plan participants through third party administrators and plan sponsors who use SunGard’s recordkeeping solutions, according to a release on the acquisition. ProNvest is an independent money management firm focused on providing investment education and money management services to plan participants of 401(k) and 403(b) plans.
The acquisition is expected to help SunGard clients meet the requirements of the freshly signed Pension Protection Act, said Jay Jumper, chief executive officer of ProNvest, in the release.
“It’s now more important than ever for plan sponsors to help participants make sound investment decisions in their defined contribution plans” said Don Mackanos, president of SunGard’s Relius and Omni business units. “ProNvest’s program does that by combining its managed account service with educational tools, IRA rollover assistance and more.”
The two firms have had previous collaborations. In 2003, SunGard Employee Benefit Systems, an operating group of SunGard Data Systems announced the integration of ProNvest’s services with OmniPlus, its defined contribution recordkeeping platform.
The terms of the acquisition were not disclosed, but SunGard does not expect it to have any material affect on its financial results.