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Refinitiv boosts wealth management biz through Scivantage acquisition

Refinitiv boosts wealth management biz through Scivantage acquisition

Refinitiv has moved to strengthen its digital wealth management business through the acquisition of tech house Scivantage. Financial terms were not disclosed.

The deal gives Refinitiv Scivantage’s digital wealth management offering Wealthsqope, and Maxit E2E, an end-to-end tax information reporting tool.

By integrating these, Refinitiv says it has expanded its wealth management portals’ service offering, strengthening its relationships with broker dealers, prime brokerage, clearing firms and bank-brokerage firms.

Joe Mrak, global head, wealth management, Refinitiv, says: "Acquiring Scivantage at this stage affords a tremendous opportunity for us to work together on our shared goal of creating next generation digital wealth management solutions that enhance the overall customer experience.

"Scivantage’s deep roots, knowledge and capabilities will enhance our wealth management portfolio of solutions.”

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