Naples, FL, December 19, 2008 --(PR.com
)-- Open Finance Network has acquired American Securities Group, an independent broker/dealer and Epluribus, Inc, a software developer, located in Boca Raton, FL.
American Securities Group, Inc., (Member FINRA/SIPC) is a fully disclosed introducing Broker/Dealer offering back-office services and access to a variety of Separate Account Managers to independent Investment Advisors. American Securities Group also offer discount online brokerage services. Epluribus, Inc. is the developer of the Wealthware Trading Platform.
Open Finance Network President Vic Esclamado said, "The acquisition of American Securities Group was an important step in our overall strategic plan to provide full-service, enterprise-wide services to the independent financial advisor market."
Open Finance Network is a leading provider of open architecture front- and back-office technology and service solutions for family offices and fee-only advisors. OFN's solutions empower advisors by eliminating the administrative and financial friction involved in delivering best-of-class approaches across their business, wealth and portfolio management processes. OFN is based in Charlotte, N.C., one of the nation's leading financial technology and services centers. The company has a full-time staff of approximately 100 people and has over $14 billion in assets under administration.
Compass Advisory Group is a subsidiary of Fifth Avenue Advisors Company and advised Invest Holdings, Inc. on this transaction.