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Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
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Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
A deep dive into how advisors can best serve the evolving needs of their wealthiest clients
Tax Facts
Anticipate your clients' tax questions on Social Security, annuities and a range of investment products
Popular Financial Topics
Go deeper on emerging topics, as well as key firms and thought leaders
January 11, 2005 at 07:00 PM
NU Online News Service, Jan. 11, 2005, 4:55 p.m. EST
A mutual fund data giant is paying about $9 million for a leading source of variable annuity data.[@@]
The fund data company, Morningstar Inc., says it bought the Variable Annuity Research and Data Service, Atlanta, from Finetre Corp., Herndon, Va., Friday.
The final price Morningstar pays for VARDS is “subject to an adjustment for working capital,” Morningstar says.
Finetre and Morningstar will together to feed VARDS data into Finetre’s Web-based AnnuityNet annuity sales system, the companies say. The AnnuityNet system now processes about 10,000 annuity applications and deposit transactions each month, according to Finetre.
VARDS was founded in 1988 and went through a series of acquisitions. Finetre bought it in 2003 from Wachovia Corp., Charlotte, N.C.
Selling VARDS will help Finetre raise the capital it needs to invest in the AnnuityNet business, according to Finetre Chief Executive Shane Chalke.
“Finetre’s core business of annuity transaction processing and compliance automation is experiencing very rapid growth,” Chalke says in a statement about the Morningstar deal.
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