April 28, 2011 - DST Systems to acquire assets of Finix Business Strategies and Finix Converge
Kansas City, MO - DST Systems, Inc. (NYSE: DST) has signed a definitive agreement to acquire, through a newly formed subsidiary, the assets of Finix
Business Strategies, LLC, a financial services consulting firm with extensive brokerage and technology expertise. A DST subsidiary will also acquire
the assets of Finix Converge, a technology firm that develops and distributes an enterprise social networking and media platform to enable firms to
connect and collaborate with their constituents more effectively online. The transaction is expected to close on April 29, 2011. The terms of the
agreement were not disclosed.
In connection with this acquisition, DST has created DST Brokerage Solutions, a technology service company committed to fundamentally impacting the
way the brokerage market conducts business. By combining Finix Business Strategies' extensive knowledge and brokerage expertise with DST Systems' breadth
and depth of technology and services, DST will address broker-dealers' unique challenges through an expanded suite of products and solutions. This move
further emphasizes DST's commitment to the brokerage marketplace and reinforces the strategic position of DST's subaccounting business.
Mike Abbaei, managing partner of Finix, will head the new organization as president, reporting directly to Stephen C. Hooley, president and chief operating officer
of DST Systems. Abbaei is a recognized thought leader in the asset management and brokerage industry. Prior to Finix, he served as an executive vice
president and chief information and operations officer at Legg Mason, where he supported the broker-dealer operations of more than 140 branches as well
as the company's main headquarters and its asset management affiliates. In his new role at DST Brokerage Solutions, Abbaei will lead the vision
and development of integrated products, services and solutions tailor-made for the broker-dealer market.
"Under Mike Abbaei's leadership, our expanded offering of specialized resources represents a strengthening of the existing DST TASS subaccounting
organization, a continued commitment to servicing broker-dealers, and an investment in a broader suite of integrated offerings for this market segment,"
"Our vision is to provide seamless integration between the applications broker-dealers need to conduct their businesses and to create efficient connectivity
between all parties throughout the lifecycle of a financial product," said Abbaei. "I am excited about working with the DST team to deliver integrated
solutions designed specifically for the broker-dealer market."
Joining Abbaei from the Finix leadership team is Stuart Bowers, who will serve as chief operating officer of DST Brokerage Solutions. Bowers is known
as an industry leader in both brokerage and mutual fund operations. Prior to Finix, Bowers was a managing director at Legg Mason, and has served on numerous
committees for the Investment Company Institute (ICI), the Securities Industry and Financial Markets Association (SIFMA), Financial Industry Regulatory Authority
(FINRA) and Depository Trust & Clearing Corporation (DTCC). In his new role, Bowers will apply his extensive brokerage operations expertise and management
oversight toward the successful delivery and implementation of DST Brokerage Solutions' subaccounting services and solutions.
Mike Duffy, a 37-year industry veteran who has led DST TASS since 2008, will continue in his role and will report to Stuart Bowers. Prior to joining DST,
Duffy held leadership positions with Piper Jaffray, acting as chief information officer, director of operations and a member of the management committee.
DST Brokerage Solutions will deliver an expanded suite of solutions designed to fit the needs of brokerdealers, enabling fully integrated, seamless communications
between fellow broker-dealer desktops, back offices and asset management platforms. The following solutions will be available through DST Brokerage Solutions:
- Business Strategy, Technology, and Operations Consulting
- Brokerage Subaccounting
- Business Process Management and Workflow
- Broker/Advisor Portal
- Portfolio Aggregation, Management, and Reporting for Advisors
- Print and Electronic Customer Communications and Output
- Enterprise Social Networking Platform
As part of DST Brokerage Solutions, Finix Business Strategies' existing buy- and sell-side advisory services will now be delivered through a newly formed DST entity,
Finix Professional Services, and Finix Converge's flagship social networking efforts will continue to expand under a newly formed DST entity, Converge Systems.
About DST Systems, Inc.
DST Systems, Inc. provides sophisticated information processing and computer software products and services to support the mutual fund, investment management, insurance
and healthcare industries. In addition to technology products and services, DST provides integrated print and electronic statement and billing output solutions through
a wholly owned subsidiary. DST's world-class data centers provide technology infrastructure support for mutual fund companies, healthcare providers, banks, mortgage
bankers and insurance companies around the globe. DST is headquartered in Kansas City, Mo., and is a publicly traded company on the New York Stock Exchange.
The information and comments above may include forward-looking statements respecting DST and its businesses. Such information and comments are based on DST's views as
of today, and actual actions or results could differ. There could be a number of factors affecting future actions or results, including those set forth in DST's latest
periodic financial report (Form 10-K or 10-Q) filed with the Securities and Exchange Commission. All such factors should be considered in evaluating any forward-looking
comment. The Company will not update any forward-looking statements in this press release to reflect future events.
February 1, 2011 - Finix Appoints Business Development Principal
Baltimore, MD - Finix Business Strategies announced today the hiring of Wayne Gilpin. In his role as Principal and Senior Advisor, Mr. Gilpin
will have several responsibilities in the firm including a major role in the development and delivery of a new brokerage platform.
"Finix Business Strategies has become a strong partner and valued resource for a number of firms in the financial services industry. I look forward
to helping enhance Finix's existing practices by bringing my years of experience in working in various capacities in the Broker/Dealer and independent
advisor market." said Gilpin.
Mr. Gilpin comes to Finix Business Strategies as an accomplished business management leader with 25+-year portfolio of success driving financial services
growth efforts. Instrumental in developing high-performance sales and operations teams, implementing new technology systems, incorporating social collaboration
venues, and marketing to attract new clients. Mr. Gilpin most recently served as a Senior Managing Director for Ziegler, a Chicago based regional
"Finix Business Strategies continues to experience a very high level of growth and client engagement and we are confident that Wayne will be a significant
contributor to the future success of Finix Business Strategies," said Mike Abbaei, Managing Partner of Finix Business Strategies.
November 12, 2010 - Finix Business Strategies Launches Professional Services Practice
Baltimore, MD - Finix Business Strategies, LLC announces the launch of a new practice, Finix Professional Services, to meet clients' growing
demand for securing high quality workforce talent. As a lack of key resources, training costs, lost time and rehiring can be extremely
expensive for any business, the ability to quickly recruit the right staff is critical. Led by Jeff Musgrove and Diana Giglio, Finix
Professional Services help clients save time and money, reduce staffing risks and efficiently acquire highly qualified permanent,
temporary-to-permanent and contract personnel into their organization.
A complement to Finix Business Strategies' advisory services, Finix Professional Services identifies and recruits the most qualified
candidates for clients. The practice delivers committed client service and draws on the deep financial services and combined 125+ years of
hands-on operations, information technology, management and sales experience of its managing partners. Finix Professional Services has the
expertise to understand the unique and critical skills required in a successful candidate and an extensive professional network for locating
hard-to-find talent. These assets allow Finix to conduct a more refined search, reduce search times and provide a cost-effective way for clients
to acquire the most highly qualified candidates.
"The creation of our Professional Services practice was a logical step in the evolution of relationships with our clients. Providing workforce
placement services builds on the momentum of our advisory business and allows us to further our reputation for delivering high-quality, cost-effective
services. With our knowledge, network and commitment to service, I believe our clients will find our professional services to be very thorough and
effective," said Mike Abbaei, Finix Business Strategies Managing Partner.
November 1, 2010 - Finix Appoints Business Development Principal
Baltimore, MD - Finix Business Strategies announced today the appointment of Harold Westervelt to head Business Development for the firm. In this role, Mr. Westervelt will have
responsibility for coordination and development of the sales and marketing efforts of the organization. In addition to these responsibilities he will also be the head of Finix's Sales & Marketing
"Finix Business Strategies has become a strong partner and valued resource for a number of firms in the financial services industry and I look forward to helping enhance Finix's existing practices
as well as expanding into new areas within the financial services market," said Westervelt.
Mr. Westervelt comes to Finix Business Strategies with years of proven experience in the financial services industry providing solutions for both large and small firms. Included in Mr. Westervelt's
background is over 12 years of Sales Management experience with Thomson Reuters and Standard & Poor's.
"Finix Business Strategies continues to experience a very high level of growth and client engagement and we are confident that Harold will be a significant contributor to the future success of Finix
Business Strategies," said Mike Abbaei, Managing Partner of Finix Business Strategies.
June 2010 - Finix has partnered with Thomson Reuters to produce a White Paper titled, "Catch the Wave: Component Outsourcing."
Today, many asset managers are exploring component outsourcing in an effort to
boost their bottom line. Component outsourcing is an increasingly more common option for firms to be able to align costs with their overall revenues. Finix Partners Mike VanderVat and Jeff Musgrove
provide their insights and research in this White Paper. Managing Partner Mike Abbaei commented, "We are seeing a trend with companies choosing to focus on their core competencies while relying on
others for noncore subject matter expertise and support, and component outsourcing is a low risk option to get started." To catch the wave, please
May 2010 - Consumers, Clients, Businesses, and the Evolution of Corporate Communication
The "net generation", as defined by PriceWaterhouseCoopers, refers to "16- to 29-year-olds who were first to grow up immersed and fluent in mobile and interactive technologies that allow individuals
to connect to a global community." As the "net generation" enters the workforce in the next 1-8 years, consumers, clients and businesses alike will be introduced to newer forms of instantaneous
communication. This workforce and its expertise in these emerging forms of communication will create a new standard of contact between consumers, clients, and businesses. This report aims to investigate
January 2010 - Dana Jackson joins Finix Business Strategies
Dana Jackson joins Finix Business Strategies, LLC as a Practice Partner, extending Finix's industry leading technology expertise. "Dana is a proven technology leader, adept at leveraging technology to
improve business processes and decision making for client firms. Dana brings with him a track record of highly successful project management and a strong reputation for developing a talented team,"
announces Mike Abbaei, Finix Business Strategies' Managing Partner.
January 2010 - Finix Business Strategies Launches Business Intelligence Practice
Finix Business Strategies, LLC announces the formation of a new practice group focused on Business Intelligence. In today's information world, many firms struggle to manage large volumes of data and then
leverage it so that it can be used strategically to manage the business.
Finix's Business Intelligence Practice focuses on establishing the processes, technologies, and practices needed to support business decisions. We work with our clients to develop a data management
strategy, and an implementation plan that incorporates the right mix of technologies and operations. Our practice experts have a history of providing data to business leaders with tool sets that allow
them to analyze and review information, leading to well informed decision making and quicker response to emerging trends.
"The challenge today is turning data into actionable information," said Mike Abbaei, Finix Business Strategies' Managing Partner. "We have found that firms of any size can realize tangible benefits from
mining their data efficiently to make prudent and timely decisions."
Finix Business Strategies is a management consulting firm offering both advisory and implementation services. Our partners have a deep knowledge of best practices and a total commitment to improving our
clients' business functions and bottom line. Finix offers complete end-to-end advisory services with an emphasis on experience, relationships and customization.
November 2009 - Firm prepares for New Levels of Growth and Opportunity with Ian Mahaney
Baltimore, MD - Converge, a Maryland-based company, announced that it has hired Ian Mahaney as its new Chief Technology Officer. In his new role Mr. Mahaney will be responsible for all
aspects of technology, product development and professional services for Converge. "We are seeing a very positive response and interest in our technology from many entities in different markets" said Mike
Abbaei, Chief Executive Officer of Converge. "As a new company we are very encouraged to see our vision crystallizing in a short period and we are thrilled that Ian will be joining the Converge team as
we continue to expand our offerings."
Mr. Mahaney brings more than a decade of Information Technology and internet management to Converge. Most recently as Technical Services Director of Millennial Media, he built and managed the technology
organization from the ground up including Engineering, Management Information Services and Quality Assurance. Prior to that, he worked with Tribeca Tables as the Director of Information Technology. He
also played a key role in the sale of Tribeca Tables prior to his departure. In addition, Mr. Mahaney spent more than 5 years with Advertising.com as a Senior Systems Engineer.
Converge is an enterprise social media solution company that offers a function rich, sophisticated platform that allows users to interact seamlessly, exchange ideas, and share information in a secure,
web-based environment. Our team has significant knowledge of diverse industries such as Financial Services, Education, Human Resources, and Insurance. Converge has created a flexible, functional, highly
intuitive tool with specialized product platforms designed to meet the unique business objectives of any organization. For more information about Converge, go to
Converge Media Contact
Mr. Davis Rodericks
August 2009 - Finix Converge, an affiliate of Finix Business Strategies, launches website
Converge, a function rich, sophisticated platform that allows users to interact seamlessly, exchange ideas, and share information in a secure, web-based environment, today launched its website. "Converge
is Finix's first venture company and we are excited about this first step in what is a very bright future," announces Mike Abbaei, Finix Business Strategies' Managing Partner. Visit
for more information.
July 2009 - Stuart Bowers joins Finix Business Strategies
Stuart Bowers joins Finix Business Strategies, LLC as one of the newest partners, extending Finix's reach well into Mutual Funds Industry. "Stuart is a well respected industry expert and brings in a new
breath of experience into our framework that is unprecedented," announces Mike Abbaei, Finix Business Strategies' Managing Partner.
July 2009 - Jeff Musgrove joins Finix Business Strategies
Jeff Musgrove joins Finix Business Strategies, LLC as one of the newest partners, where he brings in highly seasoned project management skills with a diverse industry background. "With Jeff on board, we
now have all the pieces to provide the strongest level of service to our clients in all aspects of their business," announces Mike Abbaei, Finix Business Strategies' Managing Partner.
July 2009 - Michael VanderVat joins Finix Business Strategies
Michael VanderVat joins Finix Business Strategies, LLC as one of the newest partners, adding his proven experience supporting the asset management business as a senior technologist. "Mike truly understands
the intersection of the asset management business and technology, and has a proven history of architecting and building advanced technology platforms in the asset management arena," announces Mike Abbaei,
Finix Business Strategies' Managing Partner.
July 2009 - Finix Business Strategies launches its website