Technology provider Bravura has been put up for sale, Fund Strategy understands.
It is understood an information memorandum has been circulated seeking potential buyers for the business. It remains unclear at this stage what the asking price would be or who might be interested in acquiring the firm.
A Bravura spokesman says: “Bravura is a privately owned company and does not comment on speculation or rumour.”
Bravura is one of the major technology players in the UK platform market, powering the likes of Nucleus, Ascentric and Fidelity’s FundsNetwork.
However, last July Aviva said it was looking to ditch the tech provider in favour of FNZ for its adviser platform, while the expensive upgrading of Bravura systems is understood to be behind L&G’s efforts to offload Cofunds.
Ascentric has also experienced delays in updating its platform technology.
Platforum head of direct Jeremy Fawcett says: “We’ve seen a significant shift in the platform market towards outsourced technology replacing previously proprietary systems.
“Bravura is the standout performer in that transition and is set to increase its market share from 4 per cent to 22 per cent of assets under administration on adviser platforms.
“A prospective buyer would be taking on a technology outfit moving at full tilt.”