The deal would make
“The Prudential WMS team has demonstrated a keen understanding of the evolving challenges faced by their customers and has cultivated a long-term track record of providing value-added solutions. We look forward to integrating WMS’s expertise into our technology platform to provide best-in-class, scalable solutions to banks and bank trust departments of all sizes,”
He added: “This consolidating acquisition solidifies our presence in the bank channel, and is an important milestone on our path of transforming the wealth management industry and offering advisors and institutions the solutions they need to improve portfolio and practice management. By leveraging our core expertise in large-scale enterprise conversions in the context of a consolidating acquisition, we expect to accelerate our growth and create shareholder value.”
When adding Prudential WMS,
Though the deal is expected to close early in the third quarter, the consolidation may take a year or longer to be completed after that.
"Given the extended planning cycles within the bank channel, the full economic effects of the consolidation may take a year or longer from closing…The combination of WMS and
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