Riva Financial Systems, which provides a transfer agency application, has sold a majority shareholding in the company to Swissrisk Financial Systems, a software firm specialising in asset management, wealth management, trading and payments systems which has operations in Frankfurt, London, Luxembourg, Madrid and Zurich.
“This agreement accelerates Riva’s vision and capacity to offer a fresh alternative in the Transfer Agency solutions marketplace. Customers can now operate in multiple jurisdictions on a single platform purpose built for the complexities of the European marketplace,” says David Ball, Riva Director. “Riva TA becomes even stronger when deployed with X-Gen, Swissrisk’s connectivity product. With Swissrisk, we have a partner that understands our business. Our joined technology and business experience enables breakthroughs in cost-efficiency and effectiveness for our customers.”
Peter Marshall, Swissrisk CEO, explains that Riva TA fills a gap in the market. “It is a pan- European platform that covers traditional and hedge funds, funds distribution and manufacturing – with outstanding cash reconciliation, foreign exchange and G/L capabilities,” he says.
Swissrisk will add senior executives to the Riva board. Riva will continue to operate from its head office in the Isle of Man and Luxembourg, under the Riva brand.
Riva TA is a dealing and registration system for administering and controlling cross-border, multi-currency TA operations. Riva also offers consultancy, implementation, customisation and training.