04.02.2008 21:15:00
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TD AMERITRADE Closes Fiserv ISS Deal
TD AMERITRADE Holding Corporation (Nasdaq: AMTD) and Fiserv, Inc.
(Nasdaq: FISV) announced today that TD AMERITRADE has completed its
purchase of Fiserv’s Investment Support
Services (ISS) business for approximately $225 million in cash plus the
amount of acquired regulatory capital. Additionally, based upon
achievement of certain revenue targets over the next 12 months, there is
an earn-out of up to $100 million payable to Fiserv.
The acquisition adds approximately $25 billion in client assets to TD
AMERITRADE, including $15 billion held in more than 75,000 accounts
managed by approximately 500 independent Registered Investment Advisors
(RIAs) and $10 billion held in more than 2,000 plans administered by 80
independent third party administrators (TPAs).
"This deal reinforces our client segmentation
strategy and signifies our commitment to grow and invest in the RIA
community,” said Tom Bradley, president, TD
AMERITRADE Institutional.
The purchased business adds scale to TD AMERITRADE Institutional, the
third largest provider of comprehensive brokerage and custody services
in one of the fastest growing segments of financial services. The
institutional business now holds over $100 billion in assets under
management with over 4,500 RIAs and their clients.
With the inclusion of Fiserv Trust Company, TD AMERITRADE Institutional
also adds significant growth to its 401(k) custody business. Skip
Schweiss, executive vice president of Fiserv ISS, will direct TD
AMERITRADE Institutional’s efforts at the
newly acquired Fiserv Trust Company, reporting to Tom Bradley.
Fiserv, Inc. "We believe this deal will enhance services
for clients,” said Jeffery Yabuki, president
and chief executive officer of Fiserv. "At the
same time, we will continue to expand our technology leadership position
across the financial services industry.”
Fiserv, Inc. also expects to close its previously announced transaction
with Robert Beriault Holdings, Inc. by the end of the second quarter of
2008.
AMTD-G
About TD AMERITRADE Institutional
TD AMERITRADE Institutional is a leading provider of comprehensive
brokerage and custody services to more than 4,500 fee-based, independent
Registered Investment Advisors (RIAs) and their clients.1
Our advanced technology platform, coupled with personal support from our
dedicated service teams, allows investment advisors to run their
practices more efficiently and effectively while optimizing time with
clients.
About TD AMERITRADE Holding Corporation
TD AMERITRADE Holding Corporation, through its brokerage subsidiaries,2
provides a dynamic balance of investment products and services that make
it the investment firm of choice for millions of retail investor and
independent registered investment advisor (RIA) clients. Listed by Forbes
as one of America's best big companies, the Company offers a full
spectrum of investment services, including a leading active trader
program, intuitive long-term investment solutions and a national branch
system, as well as relationships with one of the largest independent RIA
networks.3 The Company’s
common stock trades under the ticker symbol AMTD. For more information,
please visit www.amtd.com.
About Fiserv, Inc.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500 company, provides information
management and electronic commerce systems and services to the financial
and insurance industries. Leading services include transaction
processing, outsourcing, electronic bill payment and presentment,
investment management solutions, business process outsourcing (BPO),
software and systems solutions. Headquartered in Brookfield, Wis., the
company serves more than 21,000 clients worldwide and is the leading
provider of core processing solutions for U.S. banks, credit unions and
thrifts. Fiserv was ranked the largest provider of information
technology services to the financial services industry worldwide in the
2004, 2005 and 2006 FinTech 100 surveys. In 2007, the company completed
the acquisition of CheckFree, a leading provider of electronic commerce
services. Fiserv and CheckFree had more than $4.5 billion in combined
pro forma total revenue for 2006. For more information, please visit www.fiserv.com.
FISV-G
1TD AMERITRADE Institutional, Division of TD
AMERITRADE, Inc., member FINRA (www.finra.org)
/ SIPC (www.SIPC.org).
2TD AMERITRADE, Inc., member FINRA/SIPC,
receives clearing and custodial services from TD AMERITRADE Clearing,
Inc., member FINRA/SIPC. TD AMERITRADE and TD AMERITRADE Clearing, Inc.
are subsidiaries of TD AMERITRADE Holding Corporation.
3Information on the Forbes award is available
at www.forbes.com/platinum.
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Aktien in diesem Artikel
Fiserv Inc. | 209,65 | 0,10% |
Indizes in diesem Artikel
NASDAQ Comp. | 19 218,17 | 0,83% | |
S&P 500 | 6 032,38 | 0,56% | |
NASDAQ 100 | 20 930,37 | 0,90% |