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Scottrade selling Portfolio Director unit

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Scottrade

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

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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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