Australian based financial advice technology provider - Midwinter Financial Services has today announced that it has completed its transaction to acquire Australian financial data repository – InvestmentLink Pty Ltd.
Founded in 1999, InvestmentLink possesses an unmatchable network with 4.4 million client accounts across more than 300 superannuation and managed funds, with a total balance of over $40 billion dollars – managed by 12,00 advisers for over 200 dealer groups. In addition to this the Investmentlink platform contains a further 300 credit cards, mortgage providers, direct share trading platforms, bank accounts and term deposits, making it the most comprehensive data repository in Australia.
This strategic purchase is timely for Midwinter and the financial advice industry more broadly – with the onset of open banking underway and increasing industry demand for a single page view of a client.
Midwinter expects to see various client benefits as a result of this purchase including decrease in latency in pushing data from fund manager to advice software, as well as the synchronising the release of Datafeeds within AdviceOS.
Executive Director and Co-founder of Midwinter – Julian Plummer has been appointed as the new Managing Director of InvestmentLink. Mr Plummer is delighted to announce the successful acquisition, saying “
Midwinter has worked closely with InvestmentLink for many years and thus, the process of acquisition has run smoothly.
InvestmentLink will be undergoing a rebrand shortly, in line with coming under the Midwinter group company structure.