Fund management giant Invesco today scooped up Intelliflo, a software business serving financial advisers, for around ￡200m, City A.M. understands.
London-headquartered Intelliflo provides office software to help businesses such as wealth managers, advisers, insurance companies and brokers manage and keep track of their clients' investments.
It also creates products for the end investors, such as client portals and automated "robo-advice" sites. Around 2,200 firms are using its technology, and a third of all UK advised wealth runs through its platform.
Atlanta-headquartered Invesco, which had around $973bn (￡724bn) in assets under management at the end of April, is hoping that the deal will help financial advisers serve more clients – so more wealth will eventually be directed to managers such as itself.
He said automated advice would be a key part of this, especially for clients who may not have as much money to invest and cannot afford face-to-face interactions.