parent Asset International
has wrapped up its purchase of some business lines from Financial Research Corp
. The acquired businesses continue to sport the FRC brand and now make up a new division within Strategic Insight
, senior vice president of operations at Asset International, is general manager of the FRC division. He also co-manages Strategic Insight and oversees AI's operations as a whole.
continues as FRC's director of sales. The total number of people who work in the FRC unit cannot immediately be confirmed.
AI acquired six product lines: Monitor, Lifecycle, Market Sizing, Sub-Advisory, Alternatives and 529 college savings.
"We perceive considerable value in the more-than-two-decades-old FRC brand, and expect FRC's client base to respond positively to the investments we are prepared to make in each of the product lines," said Asset International chairman and CEO
in a press release.
The MFWire.com reported
last month that FRC was undergoing a Chapter 11 bankruptcy process and
that AI was acquiring most of FRC's business lines.
FRC president Bob Jenkins
told The MFWire
at the time that he's leading FRC through the restructuring and will not be joining AI.
FRC previously transitioned ownership into the hands of a group of private investors including chairman Bob Hedges and other FRC employees. Private equity firm Mercatus, FRC's former parent, was sold
to Alix Partners this summer.
Company Press Release
FOR IMMEDIATE RELEASE
Asset International Creates New FRC Division of Strategic Insight from Acquired Business Lines
Significant Investment Planned to Strengthen, Enhance and Expand Acquired FRC Products
NEW YORK and BOSTON, November 28, 2011 Į Key business lines of Financial Research Corporation (FRC) have been acquired by Asset International, Inc. to form a new division of Strategic Insight.
All of the acquired business lines will retain the FRC brand, including the Monitor, Lifecycle, Market Sizing, Sub-Advisory, Alternatives and 529 college savings product lines. Mike Rosenthal is General Manager of the new FRC division. As Asset Internationalís Senior Vice President of Operations, he also co-manages Strategic Insight and remains responsible for Asset International's operations as a whole. FRC's operations will be based out of Asset Internationalís Boston office.
"We perceive considerable value in the more-than-two-decades-old FRC brand, and expect FRC's client base to respond positively to the investments we are prepared to make in each of the product lines," said Jim Casella, Asset International's Chairman and Chief Executive Officer.
According to Mr. Rosenthal, "This is a major opportunity to strengthen, enhance and extend FRCís products via Asset International and Strategic Insight's extensive resources and expertise." He emphasized that all pre-acquisition subscriptions of the acquired product lines will be honored, and there will be no significant interruption in service for FRC clients.
Mr. Casella added, "The new FRC division is a good fit with Strategic Insight's business. FRC's clients can expect the FRC products to deliver even greater value over time."
Kathleen Marshall, who will remain Director of Sales at FRC, said, "The FRC team is very excited about what this acquisition means in regard to the enhancement of FRC products and our ability to provide clients with timely information and data of the highest quality."
* * *
About Strategic Insight
Strategic Insight, founded in 1986, is a leading research firm for the mutual fund and wealth management industry, providing clients with in-depth studies, consultation, and electronic decision support systems. Strategic Insight assists more than 250 firms worldwide, including the largest U.S. mutual fund companies. Visit us at www.SIonline.com.
About Asset International
Asset International is a privately-held provider of information and technology to global pension funds, asset managers, financial advisers, banking service providers, and other financial institutions in the private and public sector. Its industry-leading brands include Strategic Insight, SIMFUND, Plan For Life, PLANSPONSOR, PLANSPONSOR Europe, PLANADVISER, aiCIO, Global Custodian, and The Trade. The company has offices in New York, Hong Kong, London, Melbourne and Stamford, CT. For additional information, visit www.AssetInternational.com.
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