Adviser risk profiling business Finametrica has been sold to data firm Morningstar as part of its acquisition of parent company Planplus Global.
A Morningstar representative said the Finametrica product will continue to be offered as a standalone product in the UK but there is likely to be some integration with other products within the Morningstar Group.
The staff and management of PlanPlus will transfer to Morningstar.
Paul Resnik, who co-founded the business, will continue to act as a consultant to the company. Mr Resnik is also the convenor of the Financial Stability Forum.
Finametrica became part of PlanPlus in August 2017, when the companies merged. At the time of the merger, Finametrica co-founder Geoff Davey exited the business.
Shaun Brayman, founder and chief executive of PlanPlus Global, said: “We have been working with Morningstar for more than a decade to provide investment product data to our users around the world. So we've seen firsthand how Morningstar's mission to empower investor success aligns with our commitment to put clients' interests first, and we share a belief in evidence- and research-based solutions.
"Morningstar has shown a vision and commitment to enable basic goal planning all the way through to advanced planning for high-net-worth-focused advisors.
"When it comes to finding a large, strategic fintech partner that can help us scale our solutions in the marketplace and enhance the value to our users globally, Morningstar is the perfect fit."
Ben Hammond of consultancy firm Altus said: "From Morningstar's point of view, this makes a lot of sense. They have a range of tools for advisers and this adds another string to the bow. "
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