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Credit Suisse unit buys NorthPoint technology

Credit Suisse unit buys NorthPoint technology

Credit Suisse Asset Management's fintech growth equity unit has acquired the investment management software and services business NorthPoint Technology. Financial terms were not disclosed.

The bank's Next Investors group bought NorthPoint's product suite and technology consulting practice from ACA Compliance Group, which has owned the business since 2014.

North Point will be owned by a new business intelligence company, Portfolio BI, which will be led by Jeremy Siegel, CEO of LUX Fund Technology and Solutions.

Alan Freudenstein, co-head, Next Investors, says: "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."

ACA will retain its regtech offering, including ComplianceAlpha and its regulatory reporting software, and says it will work with Portfolio BI to service mutual clients.

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