BROOKFIELD, Wis. — Fiserv Inc. continued to narrow its focus on its core technology business, completing the sale of its investment support services business to TD AMERITRADE Holding Corp. of Omaha, Neb.
TD AMERITRADE adds approximately $25 billion in client assets, including $15 billion held in more than 75,000 accounts managed by approximately.
500 independent registered investment advisors and $10 billion held in more than 2,000 plans administered by 80 independent third-party administrators, the companies said.
The sale price was approximately $225 million cash plus acquired regulatory capital and a potential earn-out up to $100 million based on 12-month revenue targets, the companies said.
Skip Schweiss, executive vice president of Fiserv ISS, will direct TD AMERITRADE Institutional's efforts at the newly acquired Fiserv Trust Company, the companies said.
“We believe this deal will enhance services for clients,” said Jeffery Yabuki, Fiserv president and CEO. “At the same time, we will continue to expand our technology leadership position across the financial services industry.”
Fiserv also recently completed the sale of its health care-related businesses to United Healthcare.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
