Third Financial Software, a market-leading supplier of front to back portfolio management software is pleased to announce a £2.5m minority investment from CIT Growth Capital. The investment will help drive the company’s continued rapid expansion.
A proportion of the investment will fund a new, wholly owned subsidiary that will offer platform services to the UK wealth management market. By taking advantage of the significant operational efficiency that Tercero already brings, the offering will allow for a higher level of service to clients, at a lower cost than existing platforms.
Third Financial is delighted to announce that Matt Alyward a former Managing Director of Investment Services at Brooks Macdonald has been appointed as head of the new subsidiary company, with further details of the new service to be announced in due course.
As part of this investment the company are pleased to announce the appointment of two Non-Executive directors to further strengthen the board.
Oliver Thomas, Partner at CIT Growth Capital, who will join the board at Third Financial, commented:
“Third Financial provides an impressive combination of market leading software development and disciplined, customer focused commercial strategy. Clients have consistently told us that Tercero’s functionality is a key enabler of their ambitions to scale in a profitable and regulatory compliant fashion. We are proud to be associated with Stewart, Roger and the team and look forward to supporting their continued growth”.
Alexandre Harkous, Founder and Executive Director of BI-SAM Technologies, will also join the board of directors. BI-SAM is the world's leading provider of performance measurement and attribution software to the global asset management industry. He commented:
"Third Financial has an exciting opportunity as the "best in class" provider of software and services to this growing segment of the investment management industry. Roger's experience, Stewart's leadership, and the quality of their team, make for a great combination. I look forward to working with them, and with Oliver, in realising the Company's potential."
Stewart Foster CEO of Third Financial Software, comments:
“We are delighted to be able to secure this investment and to be able to add both Oliver and Alexandre’s experience to the board. The Wealth Management market is constantly evolving and we believe that by harnessing the efficiency of the Tercero application, we can provide our customers with a cost effective platform service that will allow them to grow their own businesses whilst ensuring they meet all required regulations. I am also absolutely thrilled that Matt has joined us to head up and drive the new platform service.”