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Asset Management

09:46 AM
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FRI Corporation announces the commercial availability of Raison SPS v4.0; Innovest Systems, LLC, names Stuart Zellner and Ken Fukino, vice president of sales, Eastern Region and Western Region, respectively; Advent Software, Inc., signs a definitive agreement to acquire privately held Kinexus.

FRI Corporation, an investment-management solutions company, announces the commercial availability of Raison SPS v4.0, the investment-industry standard in asset-management solutions. Version 4.0 represents a leap forward for enterprise-class portfolio management and accounting applications. The new release delivers increased efficiency and enhanced productivity to money managers, investment managers, pension-fund administrators, insurance companies, mutual funds and government agencies, which must manage complex assets with stringent reporting and performance requirements.

Innovest Systems, LLC., a financial-technology firm specializing in trust accounting and reporting services, has named Stuart Zellner and Ken Fukino, vice president of sales, Eastern Region and Western Region, respectively, as part of the company's expansion initiative. Zellner brings to Innovest Systems over 20 years of diversified securities and banking experience and Fukino has over 17 years of institutional experience in sales and marketing, and financial and investment management. Fukino joined Innovest from The Market Channel, where he was vice president of sales, marketing and business development.

Advent Software, Inc. announced it has signed a definitive agreement to acquire privately held Kinexus Corporation for total consideration of approximately $68.5 million, including cash and warrants. The acquisition has been approved by the board of directors of each company, and is subject to various closing conditions including approval under the Hart-Scott-Rodino Antitrust Improvements Act. The transaction is expected to close during the first quarter of 2002. Approximately 110 Kinexus employees from its New York facilities will join Advent.

TransactTools announced that Mike Cormack, President of Archipelago, has joined the TransactTools Advisory Board. Mr. Cormack has created a career by successfully bridging the worlds of business and technology. Before joining Archipelago, Mr. Cormack managed the domestic equity-trading business for American Century Investments. He co-chaired the U.S.-based FIX Steering Committee and participated as a member of the Nasdaq Quality of Markets Committee, a group that helps shape Nasdaq policy.

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