Bravura Solutions, a global supplier of wealth management applications and professional services, has finalised its acquisition of The Bank of New York’s Rufus Software business and Rufus GTA software.
The acquisition has established Bravura as a major participant in the United Kingdom wealth management industry in one transaction. It has added 13 new clients across the UK, Luxembourg and Ireland to Bravura’s portfolio, with 1,500 funds and more than six million investor accounts.
“Rufus is acknowledged as one of the leading Pan-European transfer agency systems, making this a very significant acquisition for Bravura,” says Mr Iain Dunstan, the Group CEO and managing director of Bravura Solutions. “This is consistent with our growth strategy in the UK. We are thrilled with the seamless integration of Bravura and the Rufus Business, which has proceeded more quickly than we expected. We attribute the success of this integration to a well developed and formalised integration strategy, a high level of communication and a dedicated integration team from both organisations, working together to achieve a common goal.”
As a transfer agency system, Rufus tracks the accounts of investors that invest in mutual funds, packaged equities, cash and hedge funds. Under the Asset Purchase Agreement, Bravura has acquired the Rufus Business, incorporating all of the software and intellectual property.
Bravura has also entered into a five year license agreement with The Bank of New York. Under the agreement, The Bank of New York will continue to be the largest user of Rufus and Bravura will support The Bank of New York’s retail transfer agency business as it develops in the UK, Luxembourg and Ireland.
“We are very pleased with how smoothly Bravura’s integration has occurred. It is clear that the Bravura team have had the best interests of our employees, our clients and the Bank in mind,” adds Andrew Chesterton, the chief operating officer of the Rufus Software Business. “Since Bravura agreed to acquire our business in September this year, numerous new opportunities have arisen for the Rufus Business as a result of the acquisition. We look forward to working with Bravura as we continue to provide global financial services clients with high quality specialist software.”