Schwab unit to acquire Etelligent

Schwab Performance Technologies said last Thursday that it has entered into an agreement to acquire Etelligent Consulting Inc., a registered investment advisory technology consulting firm.

SPT, a Raleigh, N.C.-based subsidiary of The Charles Schwab Corp. of San Francisco, provides portfolio management and accounting system interfaces to more than 40 broker-dealers.

In addition, some 3,000 independent registered investment advisory firms use its PortfolioCenter product.

“SPT and Etelligent share a common goal of helping advisers increase the efficiencies of their back offices through the combination of technology and experienced professionals. We expect that this acquisition will enable us to help advisers achieve even greater scale across their businesses, as well as offer them greater flexibility in how they work with us,” said Dan Skiles, vice president of technology for Schwab Institutional.

“We are very pleased to be joining forces with Schwab Performance Technologies, a highly respected company that has been a great partner for us,” said Jim Starcev, managing principal of Overland Park, Kan.-based Etelligent.

Financial terms of the deal weren’t disclosed, but the acquisition is expected to close in the first quarter.

Davis Janowski can be reached at [email protected].