DST Systems, a provider of sophisticated information processing and servicing solutions, has completed the purchase of Wealth Management Systems (WMSI), a New York-based employee benefit and technology services company.
DST Systems agreed to acquire WMSI for $64m in July 2015.
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WMSI offers retirement plan rollover technology, content and communications, and practice management solutions to the financial services industry.
It services more than 33 million participants and delivers automatic rollover services to over 25,000 plan sponsors.
WMSI’s wide range of services and rollover solutions will now become part of the DST Retirement Solutions business unit.
DST Retirement Solutions offers defined contribution technology, strategic advisory, and business processing solutions to the retirement industry.
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By GlobalDataDST Retirement Solutions president Jude Metcalfe said: "I’m confident that recordkeepers, sponsors, asset managers, TPAs, and financial advisors working in the retirement space will benefit from the remarkable synergy between DST and WMSI."
