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Fairs bids to calm fears after takeover of WMS

Financial Objects is trying to reassure advisers using Fairs Software over concerns that its takeover of Fairs’ parent firm Wealth Management Software creates an uncertain future for the IFA software company.

Banking technology firm Financial Objects has bought WMS for 5.6m. The deal will see the closure of WMS’s head office and make use of Financial Objects’ offshore development centre in Bangalore. But Financial Objects executive director Karim Peermohamed says IFAs will continue to receive face-to-face service and support for Fairs’ customers will stay in the UK.

Peermohamed says: “I cannot stress enough the importance of Fairs in our future plans. It was part of the attraction of the whole deal.”

1st Software managing director Mik Cons says: “For clients of Wealth Management Software it looks like a good move but in terms of Fair Software users it is less clear where it leaves them as Financial Objects’ understanding of the needs of small adviser firms is unknown.”

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