Vestmark, a software as a service (SaaS) provider of portfolio management and trading solutions, reports that it has acquired for an undisclosed amount the proposal generation and sales analytics technology from Advanced Objects, a Chicago-based provider of financial technology and consulting services.
The Advance Objects technology will be integrated with VestmarkONE, Vestmark’s unified wealth management system, Vestmark officials say. The VestmarkONE platform offers portfolio management, rebalancing, trade order management, performance measurement, pre- and post-trade compliance, and client reporting to support large wealth management institutions.
The technology purchase includes the hiring of Jeff Peterson and Arthur Potasiak, co-founders and principals of Advanced Objects, who will be joining Vestmark to oversee the integration with VestmarkONE, officials add.
Peterson and Potasiak co-founded Advanced Objects in 2000 with “a focus on developing software to enable asset managers, broker/dealers, and financial advisors to grow [assets under management] by building deeper relationships with clients and prospects,” according a Vestmark spokesperson.
Prior to Advanced Objects, Peterson held management and technology positions at Nuveen Investments, Arthur Andersen, and Motorola, officials say. Potasiak held technology positions at Nuveen, 3Com, and US Robotics before Advanced Objects.
“Advanced Objects will not go away,” a spokesperson for Vestmark adds. “The software and all associated intellectual property rights to Advanced Objects’ proposal generation technology belong to Vestmark.”
Only those clients using Advanced Objects’ proposal generation technology prior to the technology acquisition “will now become Vestmark clients,” the Vestmark spokesperson says.
“Advanced Objects’ technology is the only proposal generation technology capable of wholly leveraging VestmarkONE’s rich portfolio management capabilities,” says John Lunny, CEO of Vestmark, in a prepared statement.
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