The Bank of New York has bought a controlling interest in data warehousing software group Netik. The giant custodian will use the Netik data warehouse technology itself, and make it available to its clients.
The bank has taken a 51 per cent stake in Netik, leaving the remainder of the company in the hands of the Netik management and its venture capital backers Advent Venture Partners, whose stake has been significantly reduced as a result of the Bank of New York’s investment.
The Netik board is now made up of three non-executive directors from the Bank of New York and three from Netik. Netik CEO John Wise says the data warehousing vendor will retain its independence and be free to continue to sell its technology to other custodians and fund administrators, as well as to fund managers and private banks.