ProNvest provides retirement account management to plan participants through third party administrators and plan sponsors who already use SunGard’s recordkeeping solutions, according to a release on the acquisition. Its services include rebalancing participant portfolios and diversifying investments.
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 terms of the acquisition were not disclosed, but SunGard does not expect it to have any material affect on its financial results.