Paradigm Group has purchased a 50 per cent stake in software service provider Adviser Cloud for an undisclosed sum.
The move is part of Paradigm’s strategy to develop “compelling financial products and technology” to the UK financial advice market.
Adviser Cloud’s web-based software will be offered with integrated links to Paradigm’s full range of investment offerings.
David Wood, managing director of Adviser Cloud, explained that the partnership enables his firm to focus on designing cloud-based software that works for financial advice firms and their support teams.
“We see a great opportunity in working with Paradigm to continue to design innovative, high tech and integrated products for financial advisers.”
Paul Hogarth, senior partner of Paradigm, said that during initial discussions with Adviser Cloud it became evident that the company builds relevant software on the most up to date infrastructure for a licence fee that adviser business owners will see as compelling.
“We are looking forward to helping drive forward this joint venture, with our initial focus being the provision of a competitive, web-based back-office system for IFAs that require an alternative to the current industry offerings.”
ruth.gillbe@ft.com
