Quarterly report pursuant to Section 13 or 15(d)

Acquisition

v2.3.0.15
Acquisition
9 Months Ended
Sep. 30, 2011
Acquisition [Abstract]  
Acquisition
16. Acquisition

On August 5, 2011, the Company entered into a stock purchase agreement (the "Agreement"), with BNP Paribas Investment Partners USA Holdings, Inc. ("BNPIP") to acquire all of the outstanding shares of FundQuest Incorporated ("FundQuest").

FundQuest provides managed account programs, overlay portfolio management, mutual funds, institutional asset management and investment consulting to registered investment advisors, independent advisors, broker-dealers, banks and trust organizations. The Boston-based firm had approximately $15 billion in assets under management and administration as of June 30, 2011.

Under the terms of the Agreement, the Company will pay $24,390 in cash for all of the outstanding shares of FundQuest, subject to certain post-closing adjustments. The Company will fund the acquisition price with available cash. The acquisition is subject to customary closing conditions, including third-party and client consents, and is expected to be completed during the fourth quarter of 2011. Upon closing, the existing platform services agreement between the Company and FundQuest will be terminated. FundQuest's assets are currently classified as assets under administration on the Company's platform. Upon closing of the acquisition, approximately $6 billion of FundQuest's assets will be reclassified to assets under management for the Company.