International provider of financial services data Refinitiv has acquired the assets of Advisor Software (ASI), a US-based wealth management fintech company.
The M&A deal will add “key digital functionalities” to Refinitiv’s wealth management offering, including enhanced digital advice services and digital portfolio analysis, the firm said.
“The ongoing transformation within the wealth management industry is the result of customers seeking compelling and curated digital experiences,” the company added.
“This shift has impacted the way in which customers communicate with advisers and in turn created a market for digital advice models where clients communicate via digitalised and automated channels.”
Refinitiv said that the outbreak of covid-19 has further challenged the way financial advisory and wealth firms engage with their clients, and that they can be overcome by greater technological offerings.
Customisable services
The purchase of Advisor Software’s assets will give Refinitiv a complete digital advice platform that enables tax-aware portfolio rebalancing, cash flow and portfolio analysis, investment modelling and proposal generation.
The US firm also offers wealth companies the option to white-label their digital advice experience.
Joe Mrak, global head of wealth management at Refinitiv, said: “In what continues to be an eventful year for Refinitiv’s Wealth Management group, I am pleased to share the news of our acquisition of ASI.
“The digital capabilities that ASI brings to our existing Refinitiv Digital Investor platform perfectly complement our growing suite of widgets and APIs. We remain focused on delivering enhanced digital offerings to the wealth management industry and our clients, as the digitalisation and personalisation of wealth management continues.”
