The Luxembourg-based provider of software to wealth managers, Odyssey Financial Technologies is broadening its product range to the mass-affluent, brokerage and fund management sectors to spread its business lines amid a tougher economic environment.

The firm, founded in 1995, told WealthBriefing it was “reasonably positive” about its business prospects.

Meanwhile, a number of staff have been made redundant by Odyssey, WealthBriefing understands from people familiar with the matter, although the company has declined to comment on specific numbers.

Steve D’Souza, who was appointed as general manager last year to lead the sales and services for countries including the UK, Scandanavia, Ireland, Israel and South Africa, has left the firm, one person said, adding that about 10 per cent of Odyssey’s total payroll of around 600 people are to be made redundant as part of cost cuts.

Odyssey declined to comment on job reductions.

However, a spokeswoman for Odyssey went on to say that the “unprecedented financial crisis will definitively have an impact on private wealth management institutions”, continuing: “As any software vendor in this industry should, Odyssey Financial Technologies has reassessed its business plan and prepared for the future in light of the new market environment.”

Earlier this year, Odyssey bought the North American wealth technology firm Xeye,

“Following a campaign of acquisitions, Odyssey has extended its offering from the traditional Private Banking segment to the Affluent/Broker and Institutional/Fund Manager markets,” it said.

“This provides enormous potential for sustainable growth in areas where investments are most likely to be made. This wider strategy will be adopted worldwide, and the organizational model has been adapted accordingly with changes to staff and management in the countries in which Odyssey is active to ensure it has the appropriate focus and and support for this model," the spokeswoman added.