By By Richard Lee STAFF WRITER
Publication: Connecticut Post Online (Bridgeport, Connecticut)
Date: Wednesday, August 5 2009
Stamford-based publisher and information provider to the financial industry is buying Strategic Insight, a research and technology firm serving the investment management segment.
It is the second purchase that Stamford-based Asset International Inc. has made in two months. The company announced June 25 its acquisition of The Trade, a London-based firm that provides institutional investors with news and information, focused on buy-side electronic trading.
Details of the Strategic Insight deal were not released.
"This latest acquisition brings AI significantly closer to creating a next-generation media and knowledge-management company for the global financial industry," said Jim Casella, Asset International chief executive officer, who will become the new CEO of Strategic Insight.
He succeeds Strategic Insight's founder, Joel Rosenthal, 70.
Strategic Insight joins Asset International's portfolio of brands, which include Plansponsor, Planadviser, Global Custodian, ai5000 and The Trade. Asset International's audience includes global pension funds, asset managers, financial advisers, banking service providers and other financial institutions,
New York-based Strategic Insight provides competitive research and business intelligence to more than 200 financial service organizations in the mutual fund, retirement income and wealth management industries. Strategic Insight clients oversee nearly 90 percent of the U.S. mutual fund industry's $11 trillion of assets and also include more than 60 of the world's largest fund managers outside the United States.
Our team at Asset International and our partners from the private equity firm Austin Ventures see many opportunities for Strategic Insight to expand its highly-respected services, both independently and in collaboration with other AI business units," Casella said.
He said he expects that the combined organization will use the retirement-plan expertise of Plansponsor and the mutual-fund expertise of Strategic Insight to create retirement-focused services for organizations within the retirement income business.
The recession is providing opportunities for acquisitions by companies that are on solid financial footing.
"There might be some pretty good buys out there. You have people who are looking to sell because resources may be tight. There may be some synergies resulting in cost savings," said Roger Aguinaldo, chief executive officer and publisher of Mergers & Acquisitions Advisor.
Strategic Insight is able to develop mission-critical technologies, such as Simfund, its competitive information database, an essential resource for the $20-trillion global mutual fund industry, said Phil Herzog, Strategic Insight's chief information officer.
Privately-held Asset International was acquired in January by Austin Ventures and has offices in New York and London as well as Stamford.Strategic Insight bought by Asset International