SunGard has acquired Automated Financial Systems Corporation (AFS), a provider of front-office softweare applications for banks. AFS will be absorbed into the SunGard WealthStation wealth management technology platform. Terms of the transaction were not disclosed.
The AFS applications include the Investpoint broker workstation, Investor and Active Trader retail trading tools, Infostream streaming market data, and the Correspondent Clearing Portal. They offer basket trading, electronic account opening and portfolio rebalancing through a standards-based Web 2.0 browser interface. AFS solutions integrate with major back-office and market-data vendors.
“AFS is an exciting addition to our suite of wealth management solutions,” says Gerard Murphy, president of SunGard’s brokerage and clearance business. “AFS’s proven front-office applications complement our existing WealthStation offering for retail brokerage, clearing, bank, trust, insurance and independent firms. The integration of financial planning, portfolio management, market data and advanced trading tools into a single solution will help firms to attract and retain reps and independent advisors. AFS products are turn-key solutions for SunGard customers since AFS is already integrated with several SunGard solutions including FAME and Phase3. SunGard’s breadth of solutions, industry presence and global reach can help AFS better serve its customers.”
AFS created its first online trading system in 1994.