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Refinitiv Continues Wealth Sector Push With Acquisition

Refinitiv said that its purchase of the assets gives it a “complete digital advice platform”. The acquisition adds a raft of new capabilities which the firm said helps with its ambitions to serve the world's wealth management sector.
Refinitiv, the
global financial markets data provider, has bought assets from
California-based Advisor Software Inc (ASI), adding key digital
functionalities to Refinitiv’s Wealth Management offering,
including enhanced digital advice capabilities and digital
portfolio analysis. ASI’s technology is interoperable and cloud
enabled and will be integrated into the recently launched
Refinitiv Digital Investor.
The acquisition of ASI’s assets is helping Refinitiv to keep
building its digital wealth management solutions.
“The ongoing transformation within the wealth management industry
is the result of customers seeking compelling and curated digital
experiences. This shift has impacted the way in which customers
communicate with advisors and in turn created a market for
digital advice models where clients communicate via digitalised
and automated channels,” Refinitiv said. (This news service
recently
interviewed the business about its wealth management
ambitions and performance during the pandemic.)
The Advisor Software firm was built by investment industry figure
Andrew Rudd in 1995. Rudd has a background in asset allocation,
modern portfolio theory, risk management, and performance
measurement. Dr Rudd also co-founded Barra Inc., where he served
as CEO from 1984 to 1999.
Refinitiv said that its purchase of the assets gives it a
“complete digital advice platform”. It provides tax-aware
portfolio rebalancing, Monte Carlo-based progress-to-goal
tracking, cash flow and portfolio analysis, investment modelling,
and proposal generation. (Monte Carlo simulations are used to
model the probability of different outcomes in a process that can
be predicted by looking at random variables. It is used to tackle
questions of finance, engineering, supply chains and
science.)
“The digital capabilities that ASI brings to our existing
Refinitiv Digital Investor platform perfectly complement our
growing suite of widgets and APIs. We remain focused on
delivering enhanced digital offerings to the wealth management
industry and our clients as the digitalisation and
personalisation of wealth management continues,” Joe Mrak, global
head of wealth management at Refinitiv, said. (An application
programming interface (API) is a set of functions which allows
applications to access data and interact with external software
components and operating systems, according to one online
definition.)