BoNY sells Rufus transfer agency platform to Bravura for £32m

BoNY sells Rufus transfer agency platform to Bravura for £32m

The Bank of New York is selling its European transfer agency software business, Rufus, to Bravura Solutions, an Australian supplier of wealth management applications, for a maximum consideration of £32 million.

Under the agreement, Bravura will acquire all of the software and intellectual property comprising Rufus, and all existing employees will transfer to Bravura.

Rufus is a pan-European Transfer Agency system with functionality capable of supporting a broad range of UK and European fund structures. The system is multi-currency, multi-lingual and tracks the accounts of investors that invest in mutual funds, packaged equities, cash and hedge funds across a variety of fund domiciles.

Since acquiring Rufus in 1999 BoNY has expanded the platform and today the service supports over 75 clients, 1500 funds and six million investor accounts.

Sydney-based Bravura says the acquisition of Rufus is a core part of its strategy to enter the UK and European market.

Iain Dunstan, Bravura's managing director and chief executive officer, adds: "Bravura's acquisition of this business also ensures The Bank of New York and its clients will continue to be supported by specialist software and consulting services. Over time clients will also benefit from enhanced services as we invest in software development."

The transaction is subject to Bravura shareholder approval and is expected to be completed in December 2006. The core part of the integration is expected to occur in the first six to eight months following completion.

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