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DST Buys Retirement Plan Rollover Specialist
Eliane Chavagnon
10 July 2015
Kansas City, MO-based DST Systems, a global provider of data management, business processing and client communication solutions, is to acquire Wealth Management Systems Inc, a technology-based player in the financial planning and retirement sector, for $64 million. Clients of New York City-based WMSI range from Fortune 500 companies to small businesses in the financial services and employee benefit arenas. On completion of the deal – projected for year-end – WMSI's services and rollover solutions will go to market as part of DST Retirement Solutions, of which WMSI employees will become part of. “As a normal consequence of the nation's aging demographics, there's a predictable migration of funds from retirement plans to investment management platforms,” said Jude Metcalfe, president of DST Retirement Solutions. “This acquisition of an established leader in the rollover business places us squarely at that point of intersection.” As well as New York City, WMSI has offices in West Palm Beach, FL, Boston, Massachusetts, and Waltham, MA. The acquisition is subject to certain approvals and other closing conditions.