According to a news release, ProNvest has delivered its services through third party administrators (TPAs) and plan sponsors who use SunGard’s Relius, Omni and other recordkeeping systems.
SunGard has not disclosed the terms of the transaction.
ProNvest will rebalance participant portfolios to
reflect current assessment of market conditions, making
changes throughout the year to align investments with
objectives and diversifying investments across market
sectors, according to the news release.
SunGard serves organizations that administer defined contribution and defined benefit retirement plans with services that include benefit administration – recordkeeping and processing of contributions and payments – to tax reporting and trade management, the announcement said.
“The increasing popularity of defined contribution plans places the responsibility of appropriate investing with the participant,” said Don Mackanos, president of SunGard’s Relius and Omni business units.