Close Close
Popular Financial Topics Discover relevant content from across the suite of ALM legal publications From the Industry More content from ThinkAdvisor and select sponsors Investment Advisor Issue Gallery Read digital editions of Investment Advisor Magazine Tax Facts Get clear, current, and reliable answers to pressing tax questions
Luminaries Awards

Retirement Planning > Retirement Investing > Annuity Investing

Morningstar Acquires VARDS

Your article was successfully shared with the contacts you provided.

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.


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.