Wealth management applications provider Bravura Solutions has consolidated its presence in the UK market with the acquisition of Rufus Software and Rufus GTA software from The Bank of New York.
Bravura picked up 13 new clients as a result of the purchase, located across Europe in countries such as the UK, Luxembourg and Ireland, with 1,500 funds and over six million investor accounts.
“The acquisition has given us scale in the UK market and access to software with features and functionality that can support a broad range of European fund structures. The Bank of New York’s software business also brings with it access to new financial services clients, skilled and experienced staff and complementary applications,” Bravura group chief executive and managing director Iain Dunstan said.
The newly acquired software business specialises in a product that keeps records of customers’ accounts, comprising investments in mutual funds, packaged equities, cash and hedge funds.
Under the terms of the purchase agreement, Bravura will incorporate all of the software and intellectual property.
In addition to the new European clients Bravura now has, The Bank of New York has confirmed it will continue to be the largest user of Rufus by entering into a five-year licence agreement.
As part of this agreement, Bravura will provide support for The Bank of New York as it develops its retail transfer agency operation in Europe.
“Rufus is acknowledged as one of the leading Pan-European transfer agency systems, making this a very significant acquisition for Bravura. This is consistent with our growth strategy in the UK,” Dunstan said.
