Fidelity FundsNetwork has selected technology supplier Bravura Solutions to power its new investment programme.
Bravura technology will support FundsNetwork’s launch of new investment products and tax wrappers including brokerage and cash management.
Money Marketing revealed in July the two firms were in discussions over a deal which would see Bravura provide administration services for FundsNetwork.
FundsNetwork head Pat Shea says: “This new venture with Bravura is the next step within this investment programme and we are looking forward to working with the firm to help us meet the needs of both advisers and their clients.”
Bravura chief executive Tony Klim says: “Modern technology is increasingly playing a pivotal role as platforms focus on operational efficiencies and profitable growth.
“The Sonata Bravura system will help FundsNetwork deliver the agility it needs to respond to the changing requirements of advisers and investors.”
Finance & Technology Research Centre director Ian McKenna says: “This is a good win for Bravura and very significant that Fidelity haS chosen to use the Sonata system. It will be interesting to see how such a diverse range of platforms differentiate themselves with such a small number of technology suppliers out there.”
Bravura also provides the back office technology behind the Ascentric platform and its white-label offering Investment Funds Direct Limited.
In June FundsNetwork appointed former Personal Finance Society president Jon Everill as head of its advisory services.
Everill is responsible for the management and development of services, focusing on helping adviser businesses work with the platform.