Investment Technology Group, Inc. and Hoenig Group Inc. announced that it has signed an agreement under which ITG will acquire Hoenig for approximately $115 million, or $12.34 to $12.59 per share of Hoenig. The purchase price will be paid entirely in cash. Closing of the transaction is contingent upon obtaining approval from Hoenig's shareholders and from regulatory authorities and is expected to occur by the end of the second quarter. ITG reported that the acquisition is expected to be immediately accretive to ITG's earnings per share in 2002.
SS&C Technologies, Inc. announced the full release and general availability of a newEquity Swaps module to its Debt & Derivatives application, a valuation and accounting system for complex debt and derivative instruments. The new Equity Swaps module handles both single and user-defined "baskets" of equities, and supports splits and dividends, as well as long and short positions. The module provides full support for the valuation, payment calculation and accounting for equity swaps.
Eagle Investment Systems Corp. announced that it has signed Oracle Corporation as a member of its Professional Services Channel Partner program. Oracle's consulting organization will assist Eagle in furthering the global delivery of its Web-based solutions, Eagle STAR and Eagle PACE, to the financial-services industry.
SunGard Investment Management Systems, an operating group of SunGard announced that Guernsey-based Close Fund Services Limited (CFSL) has implemented SunGard's INVEST ONE investment-accounting solution in support of its fund-administration operations.
PFPC Inc., a member of The PNC Financial Services Group, Inc., announced that its affiliate, PFPC International, Ltd., has expanded its European presence with the opening of a full-service office in County Wexford, Ireland. PFPC International Ltd., which is based in Dublin, Ireland, and has been serving the international-funds community since 1993, said the office, its second in Ireland, would support the firm's growing business in non-U.S. domiciled funds.