Midwinter acquires InvestmentLink
Financial planning software provider Midwinter has announced it has completed its transaction to acquire InvestmentLink.
InvestmentLink was Australia’s largest independent datafeed repository, which fully serviced the Australian financial planning market.
The acquisition was completed on 10 May 2019 and financial details of the transaction had not been disclosed.
The majority of InvestmentLink staff would be retained, and the technology and teams would be consolidated over time.
Midwinter co-founders James Murphy, Andrew McClelland and Julian Plummer had been appointed to the InvestmentLink board.
Plummer would become managing director, while Salvador Saiz would maintain key relationships with platforms and datafeed clients.
“Midwinter identified that the InvestmentLink datafeed service will be a crucial component of the future advice landscape, given that the impending Open Banking legislation completely ignores superannuation products.” Plummer said.
“Additionally, we have found many of our digital superannuation fund clients prefer not to implement any systems where their members are required to share credentials to banking portals.”
AUTHOR
Chris Dastoor
Recommended for you
Despite the year almost at an end, advisers have been considerably active in licensee switching this week while the profession has reported a slight uptick in numbers.
AMP has agreed in principle to settle an advice and insurance class action that commenced in 2020 related to historic commission payment activity.
BT has kicked off its second annual Career Pathways Program in partnership with Striver, almost doubling its intake from the inaugural program last year.
Kaplan has launched a six-week intensive program to start in January, targeting advisers who are unlikely to meet the education deadline but intend to return to the profession once they do.
