Third Financial to open new dev centre; takes on new staff
Third Financial Software, provider of wealth management software solutions, has today announced revenue growth of 300% on last year and an operating profit in only its second year of trading. The firm has increased its client base this year, adding a further five investment management companies to its portfolio - all of which have chosen its front and middle office platform, tercero. Third Financial has also made six new appointments including Brent Randall, who has joined the board as product director, and Spencer Clark who has been made chief technical architect.
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As part of its plans for further rapid growth in 2010, Third Financial Software is opening a software development centre in Broome, UK. The centre will focus solely on the continuous development of the tercero platform, which provides a wealth management desktop that can be integrated to the chosen administrator or back office. tercero version 2.0 is now live with a number of clients, while version 3.0 is currently under development and set for launch in Q1 2010.
Commenting on the growth, Stewart Foster, chief operating officer of Third Financial, said: "We have assembled a top management team that has worked together for many years and who - between them - have more than 50 years experience in building successful technology companies in our specialist market. We have a clear vision and are completely focussed on developing and delivering new generation software to the wealth management sector."
Third Financial's clients include a range of wealth management clients from small offshore boutique firms to tier one banks. The firm was most recently selected by Fairfax Investment Management, which is currently implementing the tercero platform at its London headquarters. Fairfax will use tercero for portfolio management, client relationship management, client reporting, document management and internet access for investors.
The six new appointments have all been made in product development. Third Financial's ongoing efforts to evolve the tercero platform to better meet the needs of the wealth management industry will now be led by Brent Randall, who will be based at the company's London headquarters. Randall was previously a director of Financial Objects' Wealth Management division. Prior to that, he was an associate director with DST International. He brings 20 years of financial technology experience to Third Financial.
Randall commented: "I'm delighted to be part of the Third Financial team, particularly given the company's strong growth achievements in such a difficult market. The wealth management industry is in transition. There will be a marked rise in compliance requirements, regulatory pressure and a drive from clients for better reporting and greater transparency. In particular we see a return to the boutique wealth management model as wealthy individuals seek out firms which deliver a more personal, tailored service. Our aim is to provide both large and boutique firms with quality client and investment management technology that is cost-effective and easy to deploy."
Third Financial is expected to announce a further customer win before the end of the year, bringing the total number of client wins to 14 since its inception in January 2008.