View more on these topics

Tech provider Bravura up for sale

Business-Document-Technology-Growth-700x450.jpg

Technology provider Bravura has been put up for sale, Money Marketing understands. It is understood an information memorandum has been circulated seeking potential buyers for the business. It remains unclear at this stage what the asking price would be or who might be interested in acquiring the firm.

A Bravura spokesman says: “Bravura is a privately owned company and does not comment on speculation or rumour.”

Bravura is one of the major technology players in the UK platform market, powering the likes of Nucleus, Ascentric and Fidelity’s FundsNetwork.

However, last July Money Marketing revealed Aviva was looking to ditch the tech provider in favour of FNZ for its adviser platform.

Ascentric has also experienced delays in updating its platform technology.

Platforum head of direct Jeremy Fawcett says: “We’ve seen a significant shift in the platform market towards outsourced technology replacing previously proprietary systems. Bravura is the standout performer in that transition and is set to increase its market share from 4 per cent to 22 per cent of assets under administration on adviser platforms.

“A prospective buyer would be taking on a technology outfit moving at full tilt.”

Recommended

Peter-Mann-Skandia-2013-700x450.jpg

Bravura appoints Peter Mann as non-exec director

Former Old Mutual Wealth vice-chairman Peter Mann has been appointed as an independent non-executive director at Bravura Solutions. Mann worked at Old Mutual Wealth for 12 years, arriving in 2001 when the group acquired IFA network Bankhall, where he was chief executive. He was appointed vice-chairman of OMW in 2013 and retired from the group in March […]

1

Profile: Bravura’s Tony Klim on technology in the new pensions era

Bravura Solutions group chief executive Tony Klim was lucky enough to work through the “golden age” of UK software in the 1980s and 1990s, when banking was becoming hi-tech with the introduction of credit card systems, online payments and secure networks. Now he is anticipating another exciting era in financial services technology, as pension freedoms create […]

Aviva-Sign-700x450.jpg
2

Aviva to ditch Bravura for FNZ on adviser platform

Aviva is planning to replatform from Bravura to FNZ for its adviser proposition, Money Marketing understands. The life company announced the launch of its D2C platform last month, which is powered by FNZ. Aviva has also delayed an upgrade to Bravura’s new system Sonata, originally planned for the second half of last year. Last year, […]

4

Multi-million pound Bravura move sparked Cofunds sale

Legal & General’s move to put Cofunds up for sale was sparked by a decision to replatform its technology to Bravura, Money Marketing understands. L&G has sent an information memorandum to potential buyers two years after acquiring the platform. Cofunds is currently powered by IFDS and has been considering its options ahead of IFDS’ contract […]

Lifetime ISAs – International Evidence

By Fiona Tait, Pensions Specialist Since the announcement in March, the Lifetime ISA (LISA) has attracted controversy. Heralded as a saviour for the self-employed and the young wanting to get on the housing ladder, the new LISA risks adding confusion for savers trying to fully understand the benefits of new workplace pension savings through auto-enrolment. To […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 4 comments at the moment, we would love to hear your opinion too.

  1. Where should an adviser’s platform due diligence end? With the platform provider? With the outsourced tech provider behind the platform provider? With the potential new owner of the outsourced tech provider behind the platform provider? Is it better to use a platform that has its own proprietary IT system?

    Answers on a post card please.

  2. Totally agree James! Blurred lines.

  3. I first saw a powerpoint presentation for Bravura’s Sonata platform software (the first which Bravura has developed from scratch itself) in 2007 with an expected delivery date in 12 months! Unfortunately, some people fell for that! Meanwhile, Bravura’s Talisman platform software (which they bought from a bankrupt company) chugs along reasonably merrily, even if a bit out of breath these days.

  4. How about SL buys Bravura and Axa Elevate and migrates SL and Axa assets from FNZ? Finally free of the platform software provider they struggle to cooperate with and take a chunk of business in the process? Two fingers up! SL finally in control of the underlying software- something they must have always wanted.

Leave a comment