Bravura Solutions (Bravura), a leading global supplier of wealth management applications and professional services, has finalised its acquisition of The Bank of New York's (NYSE: BK) Rufus Software business (Rufus Business) and Rufus GTA software (Rufus). Barrington Partners represented The Bank of New York in this transaction.
The acquisition has established Bravura as a major participant in the United Kingdom (UK) 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 6 million investor accounts.
"Rufus is acknowledged as one of the leading Pan-European transfer agency systems, making this a very significant acquisition for Bravura. This is consistent with our growth strategy in the UK," said Mr lain Dunstan, Group CEO and managing director, Bravura Solutions.
"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."
"The acquisition has given us scale in the UK market and access to software with features and functionality that can support a broad range of European fund structures. The Bank of New York's software business also brings with it access to new financial services clients, skilled and experienced staff and complementary applications," he added.
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.
Mr Andrew Chesterton, chief operating officer of the Rufus Software Business said: "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.
"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."