Deals & People October 2, 2013
WMSI Acquires S&P Division
Technology-based rollover and financial planning services provider Wealth Management Systems Inc. (WMSI) has acquired S&P Capital IQ’s Financial Communications business.
Reported by John Manganaro
The two companies did not disclose any details of the agreement beyond the fact that WMSI intends to retain all Financial Communications employees.
John Geli, WMSI’s CEO, said his company will work to add Financial Communications’s education and marketing solutions to its own data processing services to boost customer engagement and develop more personalized services.
The deal comes as investment managers and retirement plan advisers continue to seek new ways to engage clients and improve retirement readiness (see “Largest Generation Lagging in Retirement Readiness“).
The acquisition agreement closed on Sept. 30.