15 Jul Croesus acquires softTarget, expanding its industry reach
Montreal, July 15, 2019 — Croesus, Canada’s leading portfolio management solutions provider has today announced that it has entered into an agreement to acquire softTarget. This Montreal-based firm is specialized in end-to-end portfolio rebalancing through its iBalance software. The transaction is inline with Croesus’s vision to provide best-in-class functionality while broadening its product offering to meet with evolving market needs.
“This agreement represents a significant milestone for Croesus. In addition to expanding our reach in the wealth management space, the rebalancing engine gives an edge to firms as they move towards separately managed accounts. Our clients will access powerful models and rebalancing technology that delivers the speed, accuracy and efficiency that the market now demands to stay competitive,” stated Sylvain Simpson, Croesus President.
iBalance, softTarget’s flagship product combines rebalancing with real-time compliance management for private wealth and institutional firms as well as for pooled funds. An artificial intelligence-based function provides specific, compliant actions ensuring continuous alignment with client, portfolio, and enterprise requirements.
“The advantages achieved with iBalance are undeniable. Firms benefit from a turnkey process, as central portfolio management teams can seamlessly execute complex investment strategies across an entire organization,” confirmed Claude Laurendeau, softTarget President.
Designed to facilitate portfolio maintenance and construction for unified managed accounts and unified managed household structures, iBalance applies the Investment Policy Statement, firm and model rules to generate daily rebalancing proposals. These proposals take into consideration tax optimization strategies as well as investment styles, producing a holistic portfolio management view for investment and compliance professionals.
“Asset growth is reaching new levels in discretionary accounts, combined with increasing compliance requirements, the industry needs technology that delivers on all fronts. From a product integration perspective, this acquisition has a perfect fit with our vision. Croesus is known for its premier portfolio management solution and we will now offer a premier rebalancing solution—creating the ultimate wealth management solution,” said David Mastroberardino, Product Director.
Founded in 1987, Croesus is a FinTech offering cutting-edge, easy to use, and highly secure wealth management solutions. With over 180 employees in Montréal and Toronto, the Canadian leader draws on expertise and know-how to provide products and services tailored to the needs of the financial services industry. Its portfolio management solutions and application programming interfaces (APIs) maximize performance, and its data analytics tool allows financial services professionals to make informed decisions. Through the years, Croesus has won several awards as a high-quality product vendor, as well as an employer of choice.
Vice-President, Business Development and Strategic Partnerships