Berger Funds, a unit of Stilwell Financial, has purchased Enhanced Investment Technologies (INTECH) from Prudential Financial, a spokesperson with Berger told the MutualFundWire.com. As a result of this move, Berger will hold majority interest in the firm and executives at the tech firm will control a minority interest.

"The purchase of INTECH gives us an opportunity to diversify our product line. They have an impressive track record in the institutional arena," the spokesperson reported.

INTECH utilizes a proprietary mathematical formula when making investment decisions. The majority of the firm's employees are located in Palm Beach Gardens, Florida, but the research team is stationed in Princeton, New Jersey.

The spokesperson also noted that the institutional marketing team at Berger was getting the word out to clients regarding the purchase. "We view this as very significant to our business," the official continued.

Also, in Berger news, the firm is undergoing a name change. Instead of being called Berger LLC, it will now be known as Berger Financial Group LLC. "The new name better reflects our transition to a manager/distributor of a broad range of investment products," the spokesperson concluded. 

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