Credit Suisse Asset Management’s fintech investment arm NEXT Investors has purchased the product suite and technology consulting practice of NorthPoint, which offers financial software to investment managers.

The seller is governance, risk, and compliance services provider ACA Compliance Group. The deal value was not divulged.

The purchased business will serve as a wholly-owned unit of a new business intelligence company.

Dubbed Portfolio BI, the intelligence company will be led by Jeremy Siegel as the CEO.

ACA will cater to mutual clients in collaboration with Portfolio BI.

Commenting on the takeover, ACA chief innovation officer Raj Bakhru said: “The NorthPoint product suite fits well within the vision and technology offered by Portfolio BI.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Private Banker International.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

“As we continue to focus on ComplianceAlpha, our regulatory technology platform, we look forward to continuing a close relationship with Portfolio BI and plan to provide exemplary service to our mutual clients.”

ACA will continue to have ownership of its regtech solutions such as ComplianceAlpha and Regulatory Reporting software.

Credit Suisse Asset Management co-head and portfolio manager of NEXT Investors Alan Freudenstein said: “NorthPoint’s comprehensive product suite – spanning order management software to portfolio management – provides a differentiated offering to a growing client base that includes hedge funds, allocators and asset managers.”

NorthPoint’s investment management suite comprises an order management system, portfolio management, data warehouse, security master as well as price master.