DST International has acquired US-based Askari, a business unit of State Street Corporation and a provider of risk management software and solutions with clients in the US, Canada, France, Sweden, China, Ireland and Singapore.
State Street, a global provider of financial services, will continue to use and support Askari`s technology. Askari is one of the top three risk management solutions providers in the US market and well respected for its unparalleled risk management expertise and its willingness to push the envelope of creative thinking.
"Askari is delighted to be joining DST International as it sees a thoroughly professional software company that can bring the Askari product to a wider range of clientele through its extensive global network of offices," says Eric Reichenberg, president of Askari.
"Askari already has a great reputation for its functionality and the acquisition will help expand the value that it creates for its clients. By combining DST International`s HiPerformance, HiReporting and Open Data Warehouse technology with Askari`s risk capabilities, clients will now have a more comprehensive solution available that combines risk analytics with performance measurement and high-end reporting capabilities."
The Askari technology complements DSTi`s existing investment management product range for the front and middle office by offering sophisticated market risk and credit exposure capabilities to institutional fund managers and asset owners, such as pension funds, hedge funds and private wealth portfolio managers.
Askari`s technology, which is delivered as an in-house software solution or as a full-service ASP, provides consistent and configurable investment risk analytics across all asset classes, for institutional risk management and portfolio construction decision support. DST International`s clients will now have the advantage of access to advanced risk measurement tools without the need for major investment in system infrastructure and data management. The company plans to rename its product HiRisk to fit in with its standard naming conventions.
Russell du Bois of DST International SA, says: "Over the last few years DST International has been systematically enhancing its product range to offer complete front-, middle- and back-office solutions to the entire range of institutions in its industry. HiRisk complements this comprehensive range of products."
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With 16 offices and around 1 000 professionals to support its growing client base, DST International provides a comprehensive range of investment management and business process management software solutions to over 550 clients in 54 countries. Its parent company, DST Systems Inc, services nearly 8 000 mutual funds and over 78 million accounts, with 2002 revenues of $1.66 billion.
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