02.21.2020

Credit Suisse AM’s NEXT Investors Acquires Regtech

02.21.2020

Credit Suisse Asset Management’s NEXT Investors, a leading Fintech growth equity group, announced the acquisition of the NorthPoint product suite and technology consulting practice from ACA Compliance Group (ACA), a leading global provider of governance, risk, and compliance advisory services and technology solutions.

NorthPoint will be wholly-owned by a new business intelligence company, Portfolio BI. Jeremy Siegel will be appointed as CEO of Portfolio BI, effective immediately. ACA will retain its RegTech solutions, including ComplianceAlpha® and its Regulatory Reporting software, and ACA will partner with Portfolio BI to service mutual clients.

NorthPoint Solutions was founded in 2003 and acquired by ACA in 2014. The product suite includes mission-critical financial software and services to leading investment management firms. NorthPoint offers an Investment Management suite which includes an Order Management System (OMS), Portfolio Management, Data Warehouse, Security Master, and Price Master. NorthPoint also offers a full suite of professional services, and has provided solutions to over 150 investment managers.

Alan Freudenstein, Co-Head and Portfolio Manager of NEXT Investors at Credit Suisse Asset Management said, “We are pleased to welcome the NorthPoint team and Portfolio BI to NEXT Investors’ portfolio of companies. NorthPoint’s comprehensive product suite – spanning order management software to portfolio management – provides a differentiated offering to a growing client base that includes hedge funds, allocators and asset managers. We’re excited about the opportunity for growth in this vertical, as financial institutions continue to embrace new technology and tools to solve their operational and client needs.”

Raj Bakhru, Chief Innovation Officer at ACA said, “The NorthPoint product suite fits well within the vision and technology offered by Portfolio BI. As we continue to focus on ComplianceAlpha, our regulatory technology platform, we look forward to continuing a close relationship with Portfolio BI and plan to provide exemplary service to our mutual clients.”

Jeremy Siegel, who serves as CEO of LUX Fund Technology and Solutions, a business and technology solutions provider for the alternative asset industry, will concurrently lead Portfolio BI. Jeremy brings 24 years of experience in financial services with specific expertise in supporting hedge funds globally to grow their businesses through technology, operations and institutional systems.

Credit Suisse Asset Management’s NEXT Investors identifies minority growth equity investment opportunities in private technology and services companies globally where the team has domain expertise and actionable edge. The team’s portfolio comprises high-growth private businesses that interact with the financial services industry across sectors including Market Structure, Financial Technology, Enterprise Software, Data Analytics and Specialty Finance.

Canaccord Genuity acted as financial adviser to ACA. Lowenstein Sandler LLP represented ACA in connection with the transaction.

Source: Credit Suisse

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