SunGard Picks Up ProNvest
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.