Third Financial Software, provider of wealth management software solutions, has today announced that multi-family office, Iveagh Private Investment House ("Iveagh"), has selected its next generation tercero Wealth Workstation platform to manage its growing list of family clients and funds.
Iveagh, which is headquartered in London, was originally established to manage the assets of the Guinness family. It opened up its offering in 2008 to further encompass a select customer base of ultra-high-net-worth families and also launched a multi-asset fund, The Iveagh Wealth Fund.
Iveagh had been planning to upgrade its current systems and operating infrastructure, without compromising levels of flexibility and scalability. Potential offerings therefore needed to meet all these requirements, with the added benefit of consolidating the legacy systems. The new solution also needed to provide a major enhancement and reduce operational overhead throughout the firm. The family office reviewed available wealth management platforms and chose to work with Third Financial, due to its team's heritage in the industry and the extensive capabilities of the tercero Wealth Workstation. The platform's open architecture proved crucial in migrating from legacy applications and integrating to Iveagh's current custodian, Brown Brothers Harriman.
Leigh Bennett, head of operations, Iveagh, said: "Our expanding client base and the increasing emphasis on high quality, consolidated reporting expected by our clients, meant that we needed a platform which easily integrates client and investment data. Third Financial, with its tercero Wealth Workstation and strong industry expertise, was the only provider we found to offer a strategic solution tailored to meet the needs of our family clients. We expect it to deliver a fast return on investment and the Third Financial team has already migrated our Wealth Fund from our legacy back office on to the platform in four weeks. We are already well on our way to fully completing the project."
Third Financial will provide Iveagh with a full wealth management platform, which will include the tercero Investment Management System, as well as customer relationship management, compliance, document management and reporting solutions. Iveagh's investment and client managers will be able to access all functionality and gain a consolidated view. The integrated platform will enable Iveagh to further improve client services, increase efficiencies and drive down both operational costs and risk.
"There is a growing trend towards single-family offices expanding their operations to manage the wealth of several families and even provide access to their expertise in the form of funds," said Gary Linieres, a founding director at Third Financial Software. "With its experience of serving the investment needs of the Guinness family, Iveagh is a high quality name to add to our client list. We aim to further grow our customer base within the family office sector."