Odyssey Asset Management Systems has signed a definitive agreement to acquire Reuters' portfolio management product and support staff, which is used by wealth management firms in Europe. Financial terms of the transaction were not disclosed.
The Reuters Portfolio Management System (RPMS) can be integrated with in-house applications and provides decision support, report generation, customer management and order entry capability.
Under the deal, Odyssey will acquire the RPMS product and existing contractual customer base. The vendor will also assume responsibility for staff across offices in Frankfurt, Hamburg and Munich.
Odyssey says the existing 60 RPMS customers - 50 of which are in Germany - and 168 entities serviced through an ASP venture will continue to be fully supported by the transferred RPMS teams.
The firm says the acquisition strengthens its presence in the German wealth management market and enables it to cross-sell products through its existing client base.
Michel Jongen, Odyssey's general manager of Western Europe, says: "The combination of Odyssey's product range, the industry knowledge of the RPMS staff and the Reuters PMS foot-print creates a new powerhouse for wealth management solutions."
The transaction is expected to close by the end of December.
The move is part of Reuters' plans to shed non-core businesses under its Fast Forward cost-cutting programme.