Sova Capital picks Iress for wealth management middle-office
Wealthtech Sova Capital Prime Services has chosen Iress as its third-party Order Management System (OMS), as well as its post-trade processing and middle office technology provider, reports Jane Connolly.
“Key considerations were long-term viability, technical functionality and product integration capabilities”
The front-end technology will feed all trading data into Sova Capital’s back-office system, Calypso and onwards to the firm’s proprietary owned back-office reporting tool, “Sova smart”.
During a due diligence process that began in Q3 of 2018, Sova Capital considered multiple potential vendors before selecting Iress.
“Key considerations were long-term viability, technical functionality and product integration capabilities,” says Grigoriy Kozin, head of prime services. “Iress, with its breadth and depth of product capabilities, coupled with its scalable and robust solution, ultimately led the way in demonstrating its ability to support our prime services requirement at this key juncture in our expansion strategy.”
Iress will provide multi-asset, multi-market risk and order management capabilities for all developed markets across the US and Europe. From a client Execution Management System (EMS) perspective, Sova Capital will remain EMS-agnostic and continue to work with a variety of EMS providers.
