Scivantage Scoops Up Portfolio Director From Scottrade Financial

9/17/13Follow @jpruth

Financial technology provider Scivantage in Jersey City, NJ, announced Monday it acquired Portfolio Director, a supplier of investment managemen technology, from Scottrade Financial Services. Terms were not disclosed.

For Scivantage, which offers platforms for tax and portfolio reporting, the deal brings into the fold Portfolio Director’s performance reporting software used by investment advisors, banks, brokerages, and mutual funds, as well as individual investors.

“In the past these types of tools have really only been accessible to registered investment advisors,” says Steve Walkenbach, president of Malbec, another subsidiary of Scivantage. “We want to simplify the data, making it understandable, relevant, and actionable for a retail customer—level the playing field, so to speak.”

He says the acquisition helps Scivantage keep up with the trend of making professional-class financial technology more available to the public. “Common investors never used to have access to after hours trading,” he says. “Now that’s commonplace. This is a natural extension of that.” The company plans to make the guts of Portfolio Director’s technology into something understandable for the individual investor, Walkenbach says.

“Our main theme is ease of use,” he says. “We don’t want these features to be intimidating.”

João-Pierre S. Ruth is the editor of Xconomy New York. He can be reached at jpruth@xconomy.com and followed on Twitter @jpruth. Follow @jpruth

By posting a comment, you agree to our terms and conditions.