New York financial analytics firm RiskMetrics Group has bought UK-based Applied4 Technology - a specialist provider of performance attribution software and services - for an undisclosed sum.
Leeds-based Applied4 Technology was founded in 2006 by Mick Brant, a former CEO of Mellon Analytical Solutions where he was responsible for analytical business outside of North America.
RiskMetrics says the acquisition, which sees Brant and his team join the firm, paves the way for it to enter the multi-asset class performance attribution space. The company says the current economic climate means understanding the risk and performance attributes of an investment portfolio has "never been greater".
"Our acquisition of Applied4 and our entry into the performance attribution space was guided directly by our client base who have strongly indicated to us the industry's need for advanced performance attribution analytics built with the same style, detail, quality and transparency of our risk offerings," says Jorge Mina, co-head, risk business, RiskMetrics.
The integration of Applied4 will help investors understand the behaviour of assets and transactions in relation to their portfolio, helping them to quantify the factors that affect the performance of asset pools from multiple viewpoints, says RiskMetrics.