SunGard has acquired ProNvest, Inc., a provider of professional retirement account management. The acquisition, the terms of which were not disclosed, is not expected to have a material impact on SunGard’s financial results.
ProNvest says that their services can help participants enhance their investment returns by rebalancing portfolios to reflect current assessment of market conditions, making changes throughout the year to align investments with objectives, and diversifying investments across market sectors.
“This allows ProNvest greater opportunity to help plan sponsors meet their fiduciary requirements as well as participants who struggle to meet their retirement objectives,” says Jay Jumper, the CEO of ProNvest. “ProNvest is strategically positioned to help SunGard’s customers fulfill the requirements of the new Pension Protection Act.”
“It’s now more important than ever for plan sponsors to help participants make sound investment decisions in their defined contribution plans” adds Don Mackanos, the 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.”