Friday, March 29, 2024
spot_img
HomeNewsBusiness WireEdgeCo Holdings Finalizes Deal With Financeware to Purchase VMS Hub

EdgeCo Holdings Finalizes Deal With Financeware to Purchase VMS Hub

The purchase of VMS Hub, an innovative workflow mutual fund processing software, further bolsters EdgeCo Holdings’ suite of technology-enabled solutions.

PITTSBURGH–(BUSINESS WIRE)–EdgeCo Holdings LP (“EdgeCo”), a leading provider of best-in-class solutions for financial intermediaries and their clients, announced today that it has closed on its acquisition of NSCC trading workflow automation solution, VMS Hub, from Financeware, the parent company for Vertical Management Systems (“VMS”) and a NewSpring Holdings platform company. The addition of VMS Hub further expands the innovative solutions available through EdgeCo’s Trust and Retirement Services division, which includes Mid Atlantic Trust Company, American Trust and PensionPro.

VMS Hub is a robust workflow automation solution used by industry-leading recordkeepers to modernize trade processing with the NSCC, sub custodian(s) or directly with the fund managers, while reducing the need for manual adjustments, minimizing errors, and providing greater transparency around fees. This software, which processes over $400B in assets and reconciles 700k fund positions daily, further extends EdgeCo’s reach across the industry, providing service to approximately half of all retirement plans in the United States through the firm’s recordkeeping, custody, administration, or software platforms.

“Our firm is about supporting the financial intermediary and technology is critical to that mission as it provides operational efficiencies, insightful tools and scalability to these partners and the clients they serve,” said Tim Friday, President & CEO of Mid Atlantic Trust Company. “VMS Hub and the talented team that supports the solution deliver an incredible opportunity to our firm,” added Friday.

“We’ve had the privilege of working with Mid Atlantic over the years and are thrilled to see the VMS Hub find its new home with an organization that both possesses deep knowledge in the industry and truly understands the critical role that technology plays,” said Bob Ward, CEO at Financeware.

The employees supporting the VMS Hub solution and its customers have all transitioned to EdgeCo.

About EdgeCo

Through its subsidiaries, EdgeCo Holdings is a leading provider of best-in-class, technology-enabled solutions for financial intermediaries and their clients. For over four decades, EdgeCo companies have provided a suite of technology and support services, including full-service retirement plan administration, brokerage, advisory, and trust and custody services to a diverse national client base of financial intermediaries. This client base includes registered representatives, investment advisors and other financial intermediaries, including retirement plan recordkeepers, TPAs, bank trust departments, broker dealers and insurance companies. The firm services approximately $160 billion in client assets under custody or administration and more than 15,000 financial advisors and 500 financial institutions. Learn more at www.edgecoholdings.com

About Financeware

Financeware is an industry-leading fintech platform company focused on delivering a robust suite of innovative solutions to the financial services market. The company’s set of broad capabilities span financial market data, wealth management workflow processing, and tech-enabled RIA services. Established by NewSpring Holdings in 2018, Financeware combines the rich competencies and market leadership of its three businesses, QUODD, VMS and Wealthcare, and leverages go-to-market and operational synergies across the platform. VMS is a financial operations intelligence engine, delivering critical business information to recordkeepers, banks and insurance companies. Learn more at www.financeware.com

Contacts

Chris Broussard

Chief Marketing Officer

800-693-7800 x271

spot_img
RELATED ARTICLES
spot_img
spot_img
spot_img

Caribbean News

Haiti: ‘Cataclysmic’ situation demands immediate and bold action, UN report

GENEVA, Switzerland – A UN Human Rights Office report published today calls for immediate and bold action to tackle the “cataclysmic” situation in Haiti. “Corruption, impunity and...

Global News

ADB president stresses role of fiscal policy for high-quality development in the PRC

BEIJING, China - Asian Development Bank (ADB) president Masatsugu Asakawa stressed the need for proactive fiscal policy to achieve high-quality development in the People’s...