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Scottrade selling Portfolio Director unit

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FILE PHOTO: Scottrade's former headquarters in Town and Country. The company was acquired by Omaha, Neb.-based TD Ameritrade in September 2017.


Scottrade Financial Services is selling its Portfolio Director software business unit based in Pennsylvania to Scivantage.

Scottrade Financial Services is part of Town and Country-based online brokerage firm Scottrade Inc. The company acquired Portfolio Director's software in 2008. A Scottstrade spokesman said the sale will close later this year. 

Financial terms of the transaction were not disclosed. Jersey City, N.J.-based Scivantage said the acquisition gives the company access to product suites Portfolio Director WEB, for financial advisers and investors, and Portfolio Director DESKTOP, for small-shop financial advisers.  

“Investors have long sought both a meaningful way to measure their performance, and to have actionable tools for improving upon past performance," Steve Walkenbach, president of Scivantage subsidiary Malbec LLC, said in a statement announcing the deal.

"We plan on making several product enhancements, including the ability to create customized reports that can be delivered in a compelling, user-friendly format, ultimately enabling customers to better manage their investments.”

Lisa Brown is a business reporter at the Post-Dispatch. Follow her on Twitter @LisaBrownSTL and the Business section @postdispatchbiz.

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