IRESS has made two separate acquisitions to boost its presence in both the capital markets and discretionary fund management space within the UK.
The two businesses IRESS has acquired are Proquote, a leading provider of trading, market data and connectivity solutions in the UK, owned by the London Stock Exchange Group (LSEG) since 2003; and Pulse Software Systems, a leading provider of portfolio management software for private asset managers.
Proquote plays an important and select role in retail trading and connectivity in the UK. Its solutions include a multi-venue trading system, market data terminals, risk management and best execution services. Its request for quote trading connectivity network for retail service providers, known as the Proquote RSP network, represents a significant portion of UK retail trading. Its clients include retail brokers, market makers, wealth managers, institutional buy sides, and private investors.
The Proquote acquisition also includes the LSE Hub, a FIX order routing business which provides trade order connectivity between institutional investors and brokers.
Pulse is an established provider of portfolio management software solutions to private asset managers, those who manage investments for clients on an discretionary basis.
As part of the transactions, all 55 Proquote and Pulse management and employees are expected to join IRESS, boosting IRESS’ regional capacity and capability. This will include Proquote managing director, David Tibbetts (pictured), and Pulse managing director and founder, Mike Nicholls.
IRESS has also appointed a new Group Executive – Strategy, Simon New, whose initial focus will include overseeing the integration of the two businesses. Simon is based in the UK and will report directly to IRESS chief executive Andrew Walsh. Simon was most recently a Director in Financial Services at Ernst & Young in London.
IRESS chief executive Andrew Walsh, says: “IRESS’ presence in the UK across capital markets, wealth management and lending, forms an important part of IRESS’ global operations. These acquisitions contribute to IRESS’ strategy of delivering broad functionality, integrated solutions across inter-connected and converging sectors within the UK. The transactions build significant market share in the areas of retail trading and discretionary funds management, order routing and connectivity. In addition, their technological capability and capacity adds new dimension to the service we can provide our clients in the UK and will also allow clients of Pulse and Proquote to benefit from IRESS’ experience and capability.
“Regulatory change and market demands mean there is an increasing need for unified, flexible and reliable technology solutions in the UK. These acquisitions further IRESS’ relevance as a strategic partner responding to this demand. As we integrate technologies, we will be able to provide our UK clients with a broader range of services such as equities and funds trading connectivity and increased market data coverage, benefitting those looking to add additional services as they grow.”
