SunGuard Financial Gets Two Trading Products with Acquisition

November 8, 2002 ( - SunGard Financial Networks has picked up a money fund trading product and mutual fund processing system as part of its acquisition of MidAtlantic Institutional Shares (MAIS), SunGard announced.

SunGard Financial, an operating unit of SunGard, said MAIS’ MoneyFund Trader and its FundStream products – traditionally aimed at treasury operations, 401(k) plans and banks – would be integrated with SunGard’s Transaction Network. Terms of the deal were not disclosed.

According to the announcement, MoneyFund Trader provides customers with automated, access to institutional money fund families.  

The company said FundStream provides clients the speed and accuracy needed to execute thousands of mutual fund trades in minutes electronically with access to virtually every US mutual fund company.

With this acquisition SunGard Financial said it would act as the intermediary between defined contribution recordkeeping agents, trust departments, insurance companies and the National Security Clearing Corporation.