Technology provider Iress has sold its portfolio management software to SecruitEase for an undisclosed sum.
Pulse, which was purchased by Iress in 2015, provides portfolio management services to UK private asset managers working with clients on a discretionary basis.
Ian Mckenna, founder and director of the Financial Technology Research Centre told FT Adviser this was “frankly overdue” and reflected a fresh approach from the chief executive of Iress, Marcus Price.
“This disposal is further evidence to Iress UK customers that the business is following through on its commitment to prioritise propositions serving advisers.
“There is still more work for them to do in harmonising the UK propositions but disposing of the non-core elements is an important part of this,” he added.
Iress group executive for the UK, Harry Mitchell, said: “This divestment aligns with Iress’ strategy of refocusing on its core capabilities and streamlining operations in the UK and represents another step forward in our transformation strategy.
“Our objective was to find a natural home for pulse that was in the best interests of our clients and people over the long term, and we’re confident we have found this in SecuritEase. We look forward to working with them on a smooth transition.”
In January this year, Iress spoke to FT Adviser and said it hoped to win "lots of new clients" after restructuring the business away from its Australian parent.
Alex Hore, managing director of wealth in the UK, said last year the company completed "a really long restructure" which saw it split from its Australian operations to achieve “strategic and operational autonomy” in the UK.
It wants to use this as the basis for further expansion in the UK and to innovate around the products it offers to advisers.
He said at the time: “To boil it down to what we want to do, we want our clients to focus on what they get paid for, which is advice and investment management. It's not really to worry about tech.”
He said in the past Iress had “tried to do too much, to be everything to everyone” but now has a plan in place to change that.
“What we want to do is ensure that our software promotes adviser efficiency,” he said.
alina.khan@ft.com
