Lonsec acquires van Eyk’s iRate
Lonsec has confirmed its purchase of van Eyk's iRate business after weeks of speculation.
In a statement, the research house said it had exchanged contracts today to pick up buy both the technology tool and its client base for an undisclosed amount.
It said the handover, from liquidators Moore Stephens, should be completed within the next three weeks.
Lonsec says the deal adds to its existing plans to enhance its data offering and save it "at least 18 months of development time and testing".
"We were recruited to bring to market a series of integrated platforms that would allow advisors, fund managers, superannuation funds and other key financial services entities, access to our vast array of data and research, in a market leading environment," Lonsec Fiscal Holdings' general manager of technology, Alex Watson, said.
"The acquisition of iRate will be a key plank in the process."
Lonsec first hinted it was interested in buying the tool in October, shortly after van Eyk's adminstrator recommended liquidation for the business.
van Eyk went into voluntary administration in September following an illiquid investment in one of its Blueprint funds.
Recommended for you
Sequoia Financial Group has declined by five financial advisers in the past week, four of whom have opened up a new AFSL, according to Wealth Data.
Insignia Financial chief executive Scott Hartley has detailed whether the firm will be selecting an exclusive bidder for the second phase of due diligence as it awaits revised bids from three private equity players.
Insignia Financial has reported a statutory net loss after tax of $17 million in its first half results, although the firm has noted cost optimisation means this is an improvement from a $50 million loss last year.
With alternative funds being described as “impossible” for fund managers to target towards advisers without the support of BDMs for education, Money Management explores the evolving nature of the distribution role.
