Financial software house COR Financial Solutions has acquired London-based investment risk analysis firm Bita Plus Consultants in a £2.3 million deal.
COR says it has acquired Bita Plus as a strategic extension of its existing range of software services, and with the firm view that more sophisticated risk analysis will have a much greater role to play in asset management in the coming years. COR's Investment Solutions division currently addresses the marketing and fund administration requirements of the retail investment industry through the Co-Stars suite of products
Bita Plus software is available both as full application packages and as components for integration into broader client systems. The company employs 20 people and currently has 25 clients across Europe and the USA.
Simon Tizard, formerly the commercial director, has been appointed managing director of the company on the departure of Bita Plus' co-founder Roger Miller. Laurence Wormald the company's other founder is remaining with the business as director of research and consultancy.
Wormald says: "Fund management firms cannot separate risk management from portfolio modelling, and rebalancing. By bringing together portfolio risk reporting, performance measurement and modelling, in a pre- not post trade environment, asset management companies will have a much sounder basis to undertake the investment process."