BoNY sells mutual fund software

8 September 2006

Bank of New York is to sell its mutual fund software business to Australian firm Bravura Solutions for over $60 million, it has been announced.

The company, called Rufus, is currently regarded as one of the top mutual fund software platforms in Europe, tracking 1,500 mutual funds for 75 corporate clients and over six million investor accounts.

Bank of New York bought the system in 1999 in order to supply a mutual fund administration service to its European clients, the previous owners being the Royal Bank of Scotland.

However, bank representatives have said that they now plan to sell the service to allow a company with greater expertise in software development to take over.

Sydney-based Bravura currently provides wealth management software to around 125 financial companies in Australia, and the new acquisition is set to expand this business in to Europe, where existing Rufus clients will be able to continue using the service.

In response to the announcement, Bank of New York shares fell to $33.80 per share on Thursday morning.

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development