Fintech firm InvestCloud has launched a new division in order to incorporate accounting and robo capabilities to its digital wealth management platform.
The launch of the InvestCloud icMAC (Modeling, Accounting & Custody) division follow’s the firm’s acuisition of London-based fintech firm Babel Systems for $20m in January 2017.
The division will be led by Babel founder Steve Wise, the company said in a press statement.
At the same time, the firm also announced plan to relocate its European headquarters to London’s Shaftesbury Avenue.
The firm revealed that the new division will boost its regional office’s headcount to 60, which include sales, pre-sales, professional services and market data experts as well as former employees from the recently acquired Babel.
“The launch of icMAC tackles the greatest challenge facing wealth managers and financial institutions as they digitalize their services – the dependency on legacy technology. Those businesses looking to move on will find our approach particularly appealing, combining our market-leading Digital Warehouse with trading, accounting and middle office capabilities that provide a complete, modern solution currently absent in the market,” Wise noted.